Sale Of Industrial Site Near Border Sets Record For Price Per Square Foot In Otay Mesa

San Diego CA

10 June, 2021

12:52 PM

Description

By Editor, Times of San Diego June 10, 2021 Private investors sold two industrial properties in Otay Mesa, including one for more than $6 million, according to CBRE. The first property, 2312 Marconi Place, sold to a local investor for $6.22 million. The 4.63-acre industrial lot currently operates as a trucking logistics terminal. At $31 per-square-foot, the sale is a near-record high for Otay Mesa. The other sale set the record, $34, for price-per-square-foot in the submarket. The second property, at the intersection of Marconi Place and Enrico Fermi Drive, sold to a local investor for $810,000. The half-acre lot will be used as a truck parking terminal. Ramin Salehi of CBRE represented both the sellers and buyers in the transactions. "Otay Mesa's industrial market is experiencing extraordinary growth as large operators enter the market and the supply of developable land continues to shrink," he said. "These two record-setting deals signify the value that investors are placing on well-located industrial assets in South San Diego." Times of San Diego is an independent online news site covering the San Diego metropolitan area. Our journalists report on politics, crime, business, sports, education, arts, the military and everyday life in San Diego. No subscription is required, and you can sign up for a free daily newsletter with a summary of the latest news.