{"id":1004585139,"date":"2022-06-10T07:57:00","date_gmt":"2022-06-10T15:57:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004585139"},"modified":"2022-12-09T01:40:26","modified_gmt":"2022-12-09T09:40:26","slug":"hines-buys-2-san-diego-area-industrial-facilities-for-77m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/","title":{"rendered":"Hines Buys 2 San Diego Industrial Facilities for $77M"},"content":{"rendered":"
\"\"<\/a>

Brown Field Tech I. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Hines<\/strong> has purchased a 229,680-square-foot industrial portfolio in San Diego for $77.3 million, according to San Diego County records.<\/p>\n

Murphy Development Co.<\/strong> sold the two-building asset that is being referred to as Brown Field Tech Park I. The seller was represented by\u00a0Cushman & Wakefield<\/strong>\u00a0in the transaction, while\u00a0the firm, along with JLL,<\/strong>\u00a0provided leasing advisory<\/span>.<\/span>\u00a0<\/span>Cushman & Wakefield<\/span>\u00a0will continue to be the leasing broker of the remaining properties at the industrial park.<\/span><\/p>\n

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\u2019s 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.<\/p>\n

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.<\/p>\n

Future plans<\/h2>\n

The buyer purchased the portfolio on behalf of the Hines U.S. Property Partners Fund, the firm\u2019s 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.<\/p>\n

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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company is expected to acquire two other properties at the same industrial park.<\/p>\n","protected":false},"author":3142,"featured_media":1004585142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,15],"tags":[32799,32797,32796,35270],"class_list":["post-1004585139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-west","tag-cushman-wakefield","tag-hines","tag-jll","tag-murphy-development-group-llc"],"acf":[],"yoast_head":"\nHines Buys 2 San Diego Industrial Facilities for $77M<\/title>\n<meta name=\"description\" content=\"Hines has bought 7725 Otay Mesa Road and 1965 Continental St., within Brown Field Tech Park I, for a combined total of $77.3 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Buys 2 San Diego Industrial Facilities for $77M\" \/>\n<meta property=\"og:description\" content=\"Hines has bought 7725 Otay Mesa Road and 1965 Continental St., within Brown Field Tech Park I, for a combined total of $77.3 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-10T15:57:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:40:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Brown-Field-Tech-I-e1654871903357.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anda Rosu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/\",\"name\":\"Hines Buys 2 San Diego Industrial Facilities for $77M\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Brown-Field-Tech-I-e1654871903357.jpg\",\"datePublished\":\"2022-06-10T15:57:00+00:00\",\"dateModified\":\"2022-12-09T09:40:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9ddda76c3d540297067f1385ee79340d\"},\"description\":\"Hines has bought 7725 Otay Mesa Road and 1965 Continental St., within Brown Field Tech Park I, for a combined total of $77.3 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-buys-2-san-diego-area-industrial-facilities-for-77m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Brown-Field-Tech-I-e1654871903357.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Brown-Field-Tech-I-e1654871903357.jpg\",\"width\":800,\"height\":600,\"caption\":\"Brown Field Tech I. 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