San Diego, CA
CBRE Facilitates $5.2 Million Sale of Industrial Land in Otay Mesa
October 15, 2024
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CBRE arranged the sale of 3.34 acres of industrial-zoned land in Otay Mesa for $5.2 million. CBRE's Ramin Salehi and John Smith represented both the buyer, IDS Real Estate Acquisitions LLC, and the seller, FOTINM LLC.
"CBRE was able to create a win-win situation for both the buyer and seller," said Salehi, vice president at CBRE. "The seller had a great 1031 opportunity, and we were able to maximize the value of their land in Otay Mesa. With minimal land inventory, the buyer was able to capitalize on this opportunity and will be marketing the space for lease in a extremely tight industrial outdoor storage (IOS) market."
The land is located at the northwest corner of Camino Maquiladora and Innovative Drive near the new Prologis IOS yards and the Brownfield Airport redevelopment site. It is just north of State Route 905, with quick access to the Otay Mesa Port of Entry.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.