Newport Beach, CA-based BKM Capital Partners acquired the Otay Mesa Industrial Portfolio, a six-property industrial portfolio in San Diego’s Otay Mesa submarket. The property encompasses 14 buildings totaling 703,215 square feet. Cushman & Wakefield represented the seller, Stockbridge Capital Group.
BKM Capital Partners’ Brian Malliet says, “This was a rare opportunity to acquire a portfolio of critical mass at a discount to its replacement cost in one Southern California’s fastest growing submarkets.”
The multi-tenant industrial portfolio is currently 97% occupied by a diverse group of 44 tenants, with in-place rents roughly 24% below market value.
The Otay Mesa Industrial Portfolio is strategically located adjacent to the USA-Mexico international border, one of the busiest border crossings in the Western Hemisphere with an estimated $243 billion of goods exported across it each year.
The Otay Mesa Portfolio includes:
Borderpoint Business Park, 6754, 6744 & 6794 Calle De Linea
San Diego International Center, 8830 Siempre Viva Rd.
Faraday Industrial Park, 2325, 2345, 2365, 2375 Michael Faraday Dr.; 2350 Marconi Place
Otay Business Center, 6987 & 6995 Calle De Linea
Frontera Business Center, 2695 Customhouse Court
Otay Crossing Business Park, 2340 Enrico Fermi Drive & 10025 Siempre Viva Rd.