102,520 Sq. Ft. Otay Mesa Industrial building sold for $5.03 million

A partnership of TriGate Capital LLC and Lotus Real Estate Partners LLC have acquired a 102,520-square-foot industrial building in the Otay Mesa submarket of San Diego for a reported $5.03 million or $49.06 sq.ft.

9485 Customhouse Plz

The property, located at 9485 Customhouse Plaza on Otay Mesa, was initially purchased from a unit of Clarion Partners for $4.63 million by Horoy Inc., of Rancho Santa Fe, with Daniel Homan as its agent in late September.

Horoy then sold the property to the Trigate/Lotus partnership for the $5.03 million the following day.

Brian Walker, managing partner for Irvine-based Lotus Real Estate Partners, said the joint venture has entered into a seven-year lease valued at $2.5 million with Horoy allowing the furniture moving and storage company to lease back 57,681 square feet or 55 percent of the building.

“The Otay Mesa building represents a continuation of our investment strategy to acquire well-located industrial and office properties in Southern California where we have the ability to add value through repositioning, development or proactive management,” Walker said.

The building is 100-percent occupied, with other major tenants being On-Time Logistics, 30,808 square feet; and Phase II Products, 14,415 square feet; occupying the remaining space. The one-story property features 42 loading docks, eight drive-in doors and a 24-foot clear height.

The Customhouse Plaza building is located in the nine-building industrial park in of the same name.

The Lotus/TriGate purchase is the second acquisition by the joint venture which closed its first transaction last spring in Long Beach.

The joint venture plans to invest approximately $60 million in office and industrial value-add opportunities throughout Southern California over the next few years, with Lotus serving as the operating partner for the joint venture.

Jay Henry and Jason Obenhaus were the Dallas-based TriGate executives leading the transaction.

“This acquisition will allow the joint venture to establish a foothold in a rapidly improving submarket at a very compelling cost basis,” Obenhaus said.

Jeffrey Chiate with the Irvine office of Cushman and Wakefield represented Lotus/TriGate in the acquisition — with Stephen Dunn from the Romar Co. in Rancho Santa Fe, representing the seller.

This entry was posted in Industrial, Multi-Tenant Industrial, Price Per Square Foot and tagged , , . Bookmark the permalink.

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