Considered San Diego’s largest iconic industrial building, the Class A facility is situated on over 31 acres in the Otay Mesa submarket, optimally located with direct access to the US-Mexico border, one of the world’s busiest land border crossings. The property is fully leased.
Cushman & Wakefield’s Jeff Cole, Jeff Chiate, Bryce Aberg, Ed Hernandez, Mike Adey, and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California are handling the sale offering. Brant Aberg, Bill Dolan and Rob Hixson are also providing local market expertise.
“2020 Piper Ranch Road is a state-of-the-art distribution/warehouse facility and offers a rare market opportunity for an investor to acquire a critical mass of Class A industrial real estate in a highly sought-after market on the West Coast,” said Vice Chairman Jeff Cole. “The project is centrally located within the Otay Mesa submarket servicing a broad range of tenants both related to cross border business and San Diego companies looking for highly functional industrial space. There are also several major corporate neighbors surrounding the property.”
Built in 2003, the building features concrete tilt-up construction with varied bay sizes that accommodate a wide range of configurations, as well as above-standard loading capabilities with grade and dock-high doors, up to 32’ clear heights, sprinkler systems, and concrete truck courts.
The property offers freeway identity and quick access to the newly completed California State Route 905 freeway while its proximity to the international border provides immediate access to Tijuana International Airport, the planned Otay Mesa East Port of Entry border crossing, and the new Cross Border Xpress airport terminal, a processing facility with a cross-border bridge that improves domestic and international access. The project also lies within the Foreign Trade Zones and HUB Zone, significantly benefiting local trade operations.
Bryce Aberg, Executive Managing Director, said, “San Diego is one of the most difficult markets in Southern California to acquire or develop new buildings as the area is essentially built-out and land costs are high. The lack of available large parcels for new development poses a significant barrier to entry which is a benefit to San Diego landlords.”
According to Cushman & Wakefield, the 16-msf Otay Mesa industrial market has recorded a staggering 1.6 msf of positive net absorption (occupancy growth) over the past five years. Vacancy in the submarket was 6.8% at midyear 2020.