(EDITOR’S NOTE: The property was purchased by Black Creek Group in July for approximately $23.9 million, or approximately $176 per square foot. However, details about the transaction were only recently made available in a San Diego third quarter industrial market report by Cushman & Wakefield.)
IRVINE, Calif. –- Rockefeller Group, the U.S. real estate developer, owner and operator, announced today it has sold a 135,623 square foot distribution center situated on a 7.81-acre site in Otay Mesa, Calif., to a fund managed by Black Creek Group, a leading real estate investment firm that was acquired by a subsidiary of Ares Management Corporation on July 1, 2021.
Rich Kwasny and Bob Mooney of Colliers International represented Rockefeller Group on the marketing and sale of the project. Mark Lewkowitz, SIOR and Chris Holder, SIOR of Colliers International represented Black Creek Group. Lewkowitz and Holder will handle leasing efforts for the new ownership.
Rockefeller Group broke ground on Airway Industrial Park in September 2020 and completed construction earlier this month. It is the company’s first industrial development in South San Diego.
“We entered the South San Diego/Otay Mesa industrial market for the first time with this project,” said Marc Berg, Vice President and Regional Director for Rockefeller Group’s West Region. “We were able to successfully design and develop a quality Class A industrial building with state-of-the-art features including truck trailer parking stalls to meet market demand.”
According to Mr. Berg, Rockefeller Group has been focused on new opportunities in the San Diego area and the success of this project is validation of its confidence in the market.
The project is located at 8150 Airway Road, San Diego, Calif., just east of the Britannia/SR-905 Interchange.
“As a long-time owner and operator in the San Diego/Otay Mesa market, we continue to believe in the strength of this market and are excited to be adding another Class A industrial property to our holdings,” said Gregg Boehm, Managing Director in the Ares Real Estate Group. “Ideally located with close proximity to major transportation hubs and large population centers, the property has already received strong leasing interest, and we are optimistic for a quick lease-up.”
“Airway Industrial Park drew significant interest from institutional Investors and ecommerce/3PL users alike who recognize the value proposition of being proximate to the greater San Diego area, as well as, on the U.S. southern border.” said Mark Hilton Carpenter Jr., Associate Director, Development. “The South San Diego County submarket has morphed into the premier location for modern industrial and distribution development. We are very focused on identifying new development opportunities in this area.”
“Airway Industrial Park is the latest, high-quality industrial center delivered in Otay Mesa,” said Lewkowitz. “Otay Mesa continues to be a highly sought-after market for industrial building owners and users.”
Airway Industrial features a 32’ clear height, 185’ truck yard, truck trailer parking and an efficient office design. The building also includes 137 auto parking spaces to accommodate a significant workforce. The Otay Mesa location provides easy access to SR-905 and proximity to both the SR-125 Freeway and I-805.
The building was designed by Ware Malcomb and engineered by Kimley-Horn and Associates, Inc. Dempsey Construction was the general contractor.
