Hines Buys 2 San Diego Industrial Facilities for $77M
The company is expected to acquire two other properties at the same industrial park.
Brown Field Tech I. Image courtesy of Cushman & Wakefield
Hines has purchased a 229,680-square-foot industrial portfolio in San Diego for $77.3 million, according to San Diego County records.
Murphy Development Co. sold the two-building asset that is being referred to as Brown Field Tech Park I. The seller was represented by Cushman & Wakefield in the transaction, while the firm, along with JLL, provided leasing advisory. Cushman & Wakefield will continue to be the leasing broker of the remaining properties at the industrial park.
Built in 2021 and located at 7725 Otay Mesa Road and 1965 Continental St., the Class A properties are in the Otay Mesa area, San Diego’s largest industrial submarket. The buyer acquired the 7725 Otay Mesa Road facility for $33.8 million, and paid $43.5 million for the 1965 Continental St. property, public records show.
Both facilities feature 32-foot clear heights, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts and high dock door ratios designed for distribution users.
Future plans
The buyer purchased the portfolio on behalf of the Hines U.S. Property Partners Fund, the firm’s flagship commingled U.S. core-plus fund. The Fund is slated to acquire two other buildings at the Brown Field Technology Park, totaling 203,244 square feet, with construction completion planned for the second quarter of 2023.
Earlier this month, Hines sold its first industrial park in the San Antonio-New Braunfels, Texas, MSA. KKR acquired the Class A, 576,047-square-foot Corner Ridge Crossing.
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