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Sunday, Sep 25, 2022
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Otay Mesa Industrial Park Sold for $135M

An Otay Mesa industrial park has been sold for $135 million.

EastGroup Properties based in Jackson, Mississippi, acquired Vista Logistics Center II from Siempre Viva Industrial II, LLC, an IDS Real Estate Group-affiliated entity.

Totaling 547,000 square feet, Vista Logistics has four buildings on a 29-acre site at 8690 Kerns St., 2660 Sarnen St., and 8863 and 9043 Siempre Viva Rd.

The industrial park was built between 2001 and 2003 and recently renovated and rebranded.

Viva Logistics Center II has a combination of cross-dock and rear-load buildings with clear heights ranging from 24 to 32 feet, dock loading positions, wide column spacing, deep truck courts, low office finish, and parking.

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“The San Diego industrial market is performing extremely well, and institutional capital has taken note over the past 24 months,” said Ryan Spradling, a director of the JLL Capital Markets Investment Sales and Advisory Team that brokered the sale on behalf of the seller.

Working with Spradling from JLL were Senior Managing Director Mark Detmer, Senior Director Ryan Sitov, and analysts Taylor Neiman and Makenna Peter, along with Vice President Andy Irwin and Executive Vice President Greg Lewis with the JLL Industrial Brokerage team.

According to JLL, the Otay Mesa submarket has a record low vacancy of 3.3% for industrial property.

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