Otay Mesa Industrial Building Sold For $6.4M
Sunday, September 15, 2019
7550 Panasonic Way Photo courtesy of Colliers International
An Otay Mesa industrial building has been sold for $6.4 million.
Guy C Clum Trust sold the 46,830 square-foot building at 7550 Panasonic Way to RMJF LLC.
Mark Lewkowitz and Chris Holder of Colliers International represented the seller.
The buyer was represented by Craig Fitterer of Lee & Associates.
Built in 2005, the structure has dock and grade level loading and a secured yard.
“7550 Panasonic Way had a short term lease at a below-market rental rate that was set to expire in the near future,” said Lewkowitz, a senior vice president at Colliers.
“The new ownership purchased the property on a speculative basis with the plan to eventually lease the building,” Lewkowitz said. “Our team was able to procure a credit tenant and negotiate a long term lease prior to the deal closing.”
Real estate reporter Ray Huard may be reached at rhuard@sdbj.com or 858-277-8904.