Grubb & Ellis/BRE Commercial represented Master Development Corp. in the purchase of buildings 4 and 8 at Opus Crossing, an eight-building industrial park in Otay Mesa, Calif.
The purchase price was $15 million, or approximately $100 per square foot for the two buildings.
Situated on 8.5 acres, buildings 4 and 8, located at the intersection of Airway Road and Britannia Boulevard, are both multitenant CTU buildings totaling 151,172 square feet. They provide a 1.77/1,000-square-foot parking ratio. The buildings are each divided into eight suites: two are 15,482 square feet; two are 12,104 square feet; and 12 are 8,000 square feet. The remaining six buildings in the Opus Crossing Industrial Park have been sold to owner/users.
The buyer, Master Development Corp., is a developer and contactor of industrial parks based in Newport Beach. The seller was Southern California-based Opus West Corp., a full-service real estate company.
Otay Mesa is one of the fastest-growing industrial markets in San Diego County, according to a press statement, and the total industrial base in the city has almost doubled to more than 11 million square feet in the past five years. At year-end 2005, the occupancy rate, excluding functionally obsolete buildings, was 90 percent with positive net absorption of 720,637 across the entire market.
San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties.
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