A sprawling industrial building sitting on almost 6 acres in Otay Mesa has been sold for $23.45 million, a brokerage announced.
The single-tenant property, 2345 Britannia Blvd., is 100% leased and serves as the headquarters for Martin Furniture, Inc., a manufacturer of case goods furniture for dining, office and entertainment.
EQT Exeter, the real estate division of EQT, is a global real estate investment manager with nearly $30 billion of equity under management. The seller was Washington Capital Management.
Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeffrey Cole, Matthew Leupold and Ryan Demarest of the firm’s National Industrial Advisory Group-West represented the seller in the transaction.
“This is a prime industrial asset, comprising a distinguished Class A building on an abundant parcel that is supported by stable cash flow from a strong tenant. As exemplified by the building’s own 100% occupancy, Otay Mesa maintains its prowess as one of the most desired industrial occupier submarkets in Southern California, which continues to attract investor demand,” said Aberg, a Cushman and Wakefield vice chair.
The freestanding 115,520-square-foot warehouse offers 32-foot clear heights and grade and dock-high loading capabilities.
“This asset boasts a coveted investment profile while its location offers excellent proximity to several freeways and logistical routes, the U.S./Mexico border points of entry, and multiple airports, providing superior regional, national and international access,” Executive Vice Chair Jeff Chiate said. “This accessibility is extremely difficult to replicate, making the property very desirable for occupiers and investors.”
According to Cushman & Wakefield research, the Otay Mesa industrial submarket has added approximately 500,000 square feet of occupancy growth since 2023.
