Irvine-based industrial real estate firm The Bendetti Co. has entered the San Diego market with the acquisition of a 72,158-square-foot multi-tenant industrial property located at 9605 Airway Road in the Otay Mesa submarket. The transaction marks the company’s first investment in the region, according to industry reports. While the purchase price was not officially disclosed, CoStar data indicates Bendetti acquired the asset from Newport Beach-based TA Realty for $16.2 million, or roughly $224 per square foot. TA Realty had previously purchased the property from Lainer Development Co. in 2021 for $14.3 million.
Director of Acquisitions at Bendetti, Jon Moyer, described the purchase as a strategic move aligned with the firm’s broader investment approach. He pointed to the property’s location, build quality, and flexible unit sizes as key factors that make it well-suited to meet shifting industrial tenant needs in the region. Moyer also noted that San Diego’s industrial market continues to show strong fundamentals and long-term growth potential, making it a natural addition to the company’s portfolio.
Built in 2000 on 3.9 acres, the single-story distribution facility includes four divisible industrial units ranging from 16,023 to 20,056 square feet. At the time of sale, the building was 50 percent leased to two transportation-related tenants—Baja USA Logistics Group and C&J Brokers—both occupying light industrial spaces. The property features 14 dock-high and four drive-in doors, with clear heights between 24 and 26 feet. Recent exterior improvements included new paint and updated landscaping, while interior upgrades were made to select office spaces.
Founded in 1964, Bendetti has been involved in the development, acquisition and management of commercial real estate for over 50 years. Based on its website, the company focuses on acquiring industrial real estate throughout the United States and provides “best-in-class” asset and property management services for its institutional and private equity investors. Cushman & Wakefield represented the seller in the Otay Mesa transaction, with the team including Bryce Aberg, Louay Alsadek, Maddie Mawby, Charlie Jacobs and Ryan Demarest. Additional local market advisory was provided by Regan Tully, Erik Parker, Brant Aberg, SIOR, and Trent Smith, also with Cushman & Wakefield.
The Otay Mesa submarket, located near the U.S.–Mexico border, has become a growing logistics and distribution hub in San Diego, due in part to its access to regional freight corridors and cross-border trade routes. The area continues to see interest from industrial investors and occupiers seeking functional space with proximity to key transportation infrastructure. Meanwhile, the San Diego industrial real estate market is undergoing a period of recalibration as rising vacancies and slower leasing activity temper rent growth and development momentum. According to Newmark’s Q1 2025 report, the average asking rent fell to $1.45 per square foot, a 5.3 percent decline year-over-year. This downturn coincides with an increase in total vacancy to 7.3 percent, marking the highest level since 2014, while the market also posted 373,966 square feet in negative net absorption during the first quarter.
