National investor TA Realty of Newport Beach, California, has purchased the 132,661-square-foot Empire Centre, a two-building, multi-tenant warehouse/distribution facility in Otay Mesa, California, for $13.675 million from Kavenish LTD. The class-A asset was approximately 95 percent leased at the time of sale.
Cushman & Wakefield investment specialists Bryce Aberg, Jeffrey Cole, Jeff Chiate, Ed Hernandez, Ryan Spradling, and Brant Aberg represented the seller. “A highly functional multi-tenant industrial park, Empire Centre is recognized among the finest properties of its kind in Otay Mesa and displays both exceptional quality and an attractive financial profile, which are very attractive investment points,” says Bryce Aberg, an executive director with the firm. “The project has been meticulously maintained since its construction in 1999, and its distinguished corporate image has greatly contributed to its high historical occupancy and high-quality tenant base.”
Empire Centre consists of two buildings located at 7880 and 7920 Airway Road. The property encompasses 8.59 acres with proximity to multiple freeways, the U.S./Mexico border and multiple points of entry, Brown Field Airport, and Rodriguez Field via the new CrossBorder X cross-border terminal. The project features functional divisibility with a variety of bay sizes, 24-foot clear height, grade and dock-high loading doors, sprinkler systems, and a concrete truck court.
According to Cushman & Wakefield’s latest market report, Otay Mesa proved to be one of the strongest industrial growth submarkets in all San Diego County in the fourth quarter of 2017. Meanwhile, per the firm’s latest capital-markets report, San Diego’s industrial investment sector had a standout year in 2017, experiencing 30 percent growth in year-over-year sale activity, since such product remains in high demand.