Hines has announced the acquisition of two industrial buildings in the San Diego submarket of Otay Mesa, CA on behalf of the Hines U.S. Property Partners Fund. The buildings, totaling 230,000 square feet, are located at Brown Field Technology Park (BFTP). Hines is also under contract to acquire two more buildings at BFTP next year.
JLL’s Andy Irwin and Greg Lewis along with Cushman & Wakefield’s Jeff Chiate, Jeffrey Cole and Bryce Aberg represented the seller, Murphy Development Company (MDC). Terms of the deal were not disclosed.
The two buildings feature 32-foot clear heights, 4,000 amps of 277/480 volt power, ESFR sprinklers and high dock door ratios designed for distribution users. “With continued growth of e-commerce, onshoring and tight industrial markets, we saw very strong demand from users and investors,” said MDC’s president, Kaitlin M. Arduino. “We will continue to deliver premier industrial buildings at BFTP as interest in South San Diego County grows.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.