CBRE Facilitates $13.11 Million Sale of Industrial Portfolio in Otay Mesa, California

CBRE facilitated the $13.11 million sale of a 54,636 sq.-ft.- industrial portfolio in San Diego, Calif., to a private 1031 buyer, Otay Condo LLC. CBRE’s Matt Harris and Matt Pourcho represented the buyer in the deal.

The portfolio includes two freestanding multi-tenant industrial buildings located at 8662 and 8580 Avenida de la Fuente (19,292 sq. ft.) and 1641 Pacific Rim Court (13,458 sq. ft.), along with 10 industrial commercial condos (ranging in size between 533 sq. ft. and 3,714 sq. ft.).

"Representing buyers in off-market transactions has been gaining momentum for us, given our network of buyers and sellers," said Harris, senior associate at CBRE. "Our client was in a 1031 exchange and looking for a unique property with significant upside, which is exactly what we found for him.”

All condos are under 5,000 sq. ft., and most include grade-level doors and/or shared access to a dock well. The portfolio is located in South San Diego County, with easy access to Interstate 805 and State Route 905.

According to CBRE research, small, multi-tenant industrial properties are limited in the Otay Mesa submarket. The limited supply of competitive products and high barriers to entry make this portfolio a coveted opportunity.