A sprawling Otay Mesa industrial challenge has been offered for an undisclosed sum, a brokerage introduced.
Empire Centre, a 132,667-square-foot, multi-tenant industrial challenge on greater than 8.5 acres inbuilt 1999, consists of two freestanding buildings situated at 7880 and 7920 Airway Street.
The dealer, Cushman & Wakefield, stated the property was “primarily absolutely leased” to 16 tenants on the time of sale. The asset was acquired by T&S Empire LLC.
Bryce Aberg, Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Zach Harman and Brad Brandenburg of the agency’s Nationwide Industrial Funding Advisory Group in Southern California represented the vendor, TA Realty, within the transaction.
Brant Aberg, Regan Tully and Trent Smith with Cushman & Wakefield additionally offered native market advising.
“This can be a high-quality and well-performing industrial asset in certainly one of Southern California’s most sought-after industrial submarkets,” stated Bryce Aberg, a vice chairman at Cushman.
“Including to the attraction of its funding profile, Empire Centre’s assorted suite sizes and suppleness supplies a most popular location for smaller industrial tenants, a phase (for) which availability stays tight,” he added.
In response to Cushman & Wakefield market analysis, the 22-million sq. foot Otay Mesa industrial submarket is a market chief in San Diego, with practically 1.6 million sq. toes of occupancy development final yr, and seven.8 million since 2018.
Emptiness within the submarket was 2.6% within the second quarter.