A sprawling Otay Mesa industrial project has been sold for an undisclosed sum, a brokerage announced.
Empire Centre, a 132,667-square-foot, multi-tenant industrial project on more than 8.5 acres built in 1999, consists of two freestanding buildings located at 7880 and 7920 Airway Road.
The broker, Cushman & Wakefield, said the property was “essentially fully leased” to 16 tenants at the time of sale. The asset was acquired by T&S Empire LLC.
Bryce Aberg, Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Zach Harman and Brad Brandenburg of the firm’s National Industrial Investment Advisory Group in Southern California represented the seller, TA Realty, in the transaction.
Brant Aberg, Regan Tully and Trent Smith with Cushman & Wakefield also provided local market advising.
“This is a high-quality and well-performing industrial asset in one of Southern California’s most sought-after industrial submarkets,” said Bryce Aberg, a vice chairman at Cushman.
“Adding to the appeal of its investment profile, Empire Centre’s varied suite sizes and flexibility provides a preferred location for smaller industrial tenants, a segment (for) which availability remains tight,” he added.
According to Cushman & Wakefield market research, the 22-million square foot Otay Mesa industrial submarket is a market leader in San Diego, with nearly 1.6 million square feet of occupancy growth last year, and 7.8 million since 2018.
Vacancy in the submarket was 2.6% in the second quarter.
