Exclusive: Nuveen, NorthPoint Shake Hands for San Diego Asset
The warehouse is close to the U.S.-Mexico border.
Nuveen has sold San Diego International Center, a 153,035-square-foot warehouse in San Diego, to NorthPoint Development, according to Yardi Matrix. The asset changed hands for $22.6 million.
Marketing.com’s envelope manufacturing arm leased the entire building in 2024. However, just one year later, the firm issued a Worker Adjustment and Retraining Notification for the warehouses’ employees, signaling the end of operations at the property.
Now, the facility is vacant and renovations are underway, according to a brochure by Cushman & Wakefield, the brokerage firm providing leasing services for NorthPoint.
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Completed in 1999 at 8830 Siempre Viva Road, the industrial building features roughly a 9 percent office build-out, as well as clear heights between 24 and 26 feet, in addition to seven grade and 36 dock doors.
The warehouse rises on nearly 8 acres within San Diego’s Otay Mesa submarket, less than 1 mile from the U.S.-Mexico border crossing. Tijuana, Mexico’s international airport, operates less than 4 miles away.
Otay Mesa assets attract investors in a softening market
Otay Mesa is among the busiest border crossings for truck-borne trade with Mexico, alongside Laredo, Texas, and Ysleta, Texas, according to the Bureau of Transportation Statistics.
Warehouses across the submarket continue to generate interest among the largest commercial real estate owners, with PCCP acquiring the Airway Business Center from Blackstone for $24.4 million in July, Yardi Matrix shows. That property is less than 2 miles from San Diego International Center.
However, the Otay Mesa momentum did not reflect broader San Diego industrial investment performance. The third-quarter sales volume clocked in at $241 million, marking a 9 percent year-over-year decline, according to a Cushman & Wakefield report. Assets changed hands for $234 per square foot on average between July and September, down 4 percent compared to last year.
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