An affiliate of New York-based Zurich Alternative Asset Management has purchased the Three Piper Ranch industrial park in Otay Mesa for $31.5 million, according to brokerage company CBRE Group Inc.
The seller of the two-building property, at 1210 and 1320 Air Wing Road, was a fund managed by New York-based BlackRock, represented by CBRE’s Louay Alsadek, Darla Longo, Barbara Emmons, Hunter Rowe and Andrew Taylor, with Regan Tully of Cushman & Wakefield. Zurich represented itself.
The buildings total 333,576 square feet and were fully leased at the time of sale, with tenants including CamelBak, ILG Corp., Legacy Supply Chain Services and AEMI. The industrial park was built on 19.3 acres in 2007.
The buyer is a subsidiary entity of Zurich Insurance Group and targets assets valued between $15 million and $100 million in 14 major U.S. markets.