By Mihaela Coste
STAG Industrial Inc. has expanded its California portfolio with the acquisition of a 205,800-square-foot, Class A industrial facility in the Otay Mesa submarket of San Diego. With help from HFF, the property traded for $19.3 million, free and clear of existing debt.
Senior Managing Director Nick Psyllos and Director Nick Frasco, with the company’s San Diego office, led the investment sales team on behalf of the undisclosed seller.
Located on a 11.7-acre site, 2055 Dublin Drive benefits from close proximity to the US/Mexico International border, being situated 1.5 miles from the privately operated Otay Mesa Cross Border Xpress bridge and 4.7 miles from the Otay International Border crossing into Tijuana, Mexico. Additionally, the asset has access to interstates 5, 8, 15 and 805 and is included in the Foreign Trade Zone, which sees more than $580 billion in volume annually.
The asset was built in 1990 and features 24-foot clear heights, 29 dock-high and grade-level loading doors, 5” reinforced floors, foil insulated ceilings with skylights, an ESFR sprinkler system, abundant grade-level parking and a large lot that can be fenced.
At the time of the transaction, the property was fully leased to three tenants: Honeywell International Inc., Cubic Corp. and SigmaTron International Inc.
STAG Industrial Inc. is a Boston-based REIT focused on the acquisition and operation of single-tenant properties throughout the U.S. The company currently has a portfolio of 294 properties located in 37 states, totaling approximately 57 million rentable square feet.
Image courtesy of HFF