San Diego Business Journal

Otay Mesa Warehouse Part of $561M Property Sale

Friday, December 28, 2012

An Otay Mesa warehouse building is among 26 industrial properties recently acquired by a partnership that includes South Korea’s National Pension Service, for $561 million.

According to CoStar Group, 23 industrial assets and three land parcels were purchased by the Seoul-based pension service and Heitman LLC, a real estate investment management firm with headquarters in Chicago. The seller was Dexus Property Group of Sydney, Australia, represented by Eastdil Secured LLC in Los Angeles.

The bulk of the properties are in five Southern California counties, with two in Washington state. The deal included the 44,840-square-foot Otay Mesa warehouse at 7510 Airway Road, in the Airway Business Center.

The warehouse was built in 1996 and fully leased at the time of sale, with tenants including Whirlpool Corp., Domtar Paper Co. and Living Spaces Furniture.

— SDBJ Staff Report