Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Advises Sale of San Diego's Largest Iconic Industrial Building totaling 601,400 SF

12/3/2020
SAN DIEGO, Calif., December 3, 2020 – Cushman & Wakefield announced the firm has advised an institutional owner in the disposition of a 601,417-square-foot multi-tenant industrial building in San Diego, California

2020 Piper Ranch Rd

Located at 2020 Piper Ranch Rd, the fully leased Class A asset is considered San Diego’s largest iconic industrial building. The facility is situated on more than 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 buyer was Denver-based Black Creek Group, which acquired the property for an undisclosed amount.

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 represented the seller in the transaction. Brant Aberg with Cushman & Wakefield and Bill Dolan and Rob Hixson of CBRE also provided local market leasing expertise.

“2020 Piper Ranch Road is a state-of-the-art distribution/warehouse facility that presented the rare market opportunity for a critical mass of Class A industrial real estate that is 100% leased and situated in one of the fastest-growing submarkets in Southern California,” said Vice Chairman Jeff Cole. “Given these factors coupled with the ongoing strong demand for high quality industrial product, particularly with stable tenancy, we were able to procure exceptional interest for this asset from an assortment of investor types across the country.”

Surrounded by several major corporate neighbors, the project is centrally located within the Otay Mesa submarket that services a broad range of tenants both related to cross border business and San Diego companies looking for highly functional industrial space. 2020 Piper Ranch was constructed in 2003 and 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 remains a challenging market to acquire or develop new buildings as the area is essentially built-out and land costs are high, while the lack of available large parcels for new development poses a significant barrier to entry. This asset provided the incredible chance to acquire both a large industrial facility situated on an abundant piece of coastal land.”

According to Cushman & Wakefield’s latest Q3 2020 market report, the 16-msf Otay Mesa industrial market has recorded a staggering 1.4 msf of positive net absorption (occupancy growth) since 2015. Vacancy in the submarket was 6.8% in the third quarter of 2020.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Contact/Author

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS