Boston-based real estate private equity firm Rockpoint recently announced that it had sold its stake in an industrial property located in the south San Diego exclave of Otay Mesa, Calif. The buyer was full-service real estate development company Badiee Development, Inc., which had partnered with Rockpoint to acquire the site in 2021.
The partnership subsequently developed a best-in-class property that incorporates more than 243,000 square feet across two buildings:
- Building 1, located at 2080 Sanyo Ave., encompasses nearly 124,000 square feet of rentable commercial space across two stories.
- Building 2 is located at 9350 Airway Road. It’s also two stories tall and incorporates roughly 119,000 square feet of rentable San Diego warehouse and distribution space.
The asset features 32-foot clear heights; 52’ by 60’ column spacing; an ESFR sprinkler system; a desirable dock-door ratio; nearly 140 grade-level parking spaces; and three-phase, 277/480-volt, 3,000-amp electricity service.
Located just north of the U.S.-Mexico border, Otay Mesa places the property conveniently near the 125 and 905 freeways; just one mile from one of the busiest commercial border crossings; and less than 30 minutes from downtown San Diego.
“We greatly value our partnership with the Badiee team and are thrilled with their execution on these developments,” said Aric Shalev, co-president and managing member at Rockpoint. “This transaction highlights our focus on investing in and developing trophy industrial assets in markets and regions that have favorable long-term supply/demand dynamics. With its proximate access to U.S.-Mexico trade activities and market-leading attributes, the property is well-positioned for future performance.”
The Sanyo Logistics Center was the third property to be collectively purchased and developed by Rockpoint and Badiee. The other two included the 247,500-square-foot, single-building property at 8151 Airway Road (also in Otay Mesa), as well as Tropical Logistics — a 259,000-square-foot industrial development in North Las Vegas. Rockpoint has exited both of those investments, as well.
“We’re thrilled to have partnered with Rockpoint to invest in and develop three industrial properties that maximize functionality, flexibility, and efficiency for current and future tenants,” said Ben Badiee, president and CEO at Badiee Development. “Together, we met our goals of creating high-quality industrial spaces that meet the needs of the Otay Mesa submarket of San Diego and in North Las Vegas.”
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