Four Otay Mesa industrial buildings have been sold as a portfolio for an undisclosed price.
With a combined 544,864 square feet of space, the buildings are in the Siempre Viva Business Park at 8690 Kerns St., 2660 Sarnen St., and 8863 and 9043 Siempre Viva Road.
The buildings were constructed between 2001 and 2003 and feature 24-foot to 32-foor clear heights, wide truck courts, and loading through 98 dock-high and 14 grade-level doors.
Representing both the buyer and seller was the investment advisory team of HFF including Senior Director Nick Frasco, Senior Managing Director Nick Psyllos and Managing Director Andrew Briner.
The buyer was an affiliate of IDS Real Estate Group. The seller was not disclosed.
“The Siempre Viva portfolio represented an exceptional opportunity to acquire a critical mass of institutional-quality industrial logistics product in a highly desirable Southern California location,” Frasco said. “The portfolio’s diverse tenant roster, which consists of global and national companies with a weighted average remaining lease term of 3.3 years, combined with strong submarket fundamentals that have resulted in an impressive 43 percent rent growth in the past 36 months make the portfolio particularly attractive.”