CBRE Arranges $4 Million Sale of Industrial Land in San Diego

CBRE negotiated the sale of a 93,218-sq.-ft.-industrial property at 9940 Marconi Drive in San Diego for $4 Million, or $43 per sq. ft.

CBRE's Ramin Salehi, Joe Smith and John Smith represented the sellers, Westport Properties, a Southern California-based development company focusing on self-storage and industrial space. Jacob Castro and Chris Nelson of Inland Pacific represented the buyer, PGM Investments LLC, in the transaction.

"The demand for industrial outdoor storage (IOS) is still very active in the Cali Baja region," said Mr. Salehi of CBRE. "With two to five-acre yards being extremely limited in the Otay Mesa market, we were able to maximize value for the seller and help a growing occupier expand their footprint."

The 2.14-acre lot can be subdivided into two lots, each averaging over 46,000 sq. ft. The graded site features curbs, gutters and sidewalks. The property is zoned for light industrial and office uses and permit-ready for a 45,670-sq.-ft.-warehouse facility.

PGM Investments intends to develop a warehouse with an IOS component to expand its Otay Mesa footprint.

Located east of State Route 905 and 125, the property has easy access to both the Otay Mesa Port of Entry and the future secondary Port of Entry in Otay Mesa.