In Otay Mesa, where the industrial property market is strong and industrial vacancy rates have slid into single digits, two buildings were sold for nearly $5 million.
The sale of the buildings totaling 63,528 square feet in One Piper Ranch, a 12-building business park in Otay Mesa near the U.S.-Mexico border, was announced March 9.
L & C; Food Co. purchased the smaller of the two buildings a 31,500-square-foot industrial building at 8724 Approach Road for $2.5 million for use as a wholesale food distribution center.
Gutierrez Holding Corp. purchased the 32,028-square-foot building at 1351 Air Wing Road for $2.4 million. The building will house a packaging and label manufacturing company.
The seller of the buildings was One Piper Ranch, LLC.
Chris Holder of San Diego-based Burnham Real Estate represented the buyers. The seller was represented by Eric Parker, Darrin Mullins and Louay Alsadek of San Diego-based Grubb & Ellis/BRE Commercial.