A 93,218-square-foot industrial property at 9940 Marconi Drive in Otay Mesa has been sold for $4 million, or $43 per square foot.
Ramin Salehi, Joe Smith and John Smith of CBRE represented the seller, Westport Properties, a development company based in Newport Beach that focuses on self-storage and industrial spaces.
Jacob Castro and Chris Nelson of Inland Pacific represented the buyer, PGM Investments LLC, in the transaction.
“The demand for industrial outdoor storage is still very active in the Cali Baja region,” Salehi said. “With two to five-acre yards being extremely limited in the Otay Mesa market, we were able to maximize value for the seller and help a growing occupier expand their footprint.”
The 2.14-acre lot can be subdivided into two lots, each averaging more than 46,000 square feet. The graded site features curbs, gutters and sidewalks. The property is zoned for light industrial and office uses and permit-ready for a warehouse facility.
PGM Investments intends to develop a warehouse with a outdoor storage component to expand its Otay Mesa footprint.
The property also has easy access to both the Otay Mesa Port of Entry and the future secondary Port of Entry in Otay Mesa.
