For Immediate Release
Cushman & Wakefield represents landlord, Hines, in transaction in Otay Mesa submarket
SAN DIEGO, Calif. – November 7, 2022 – Cushman & Wakefield announced the completion of a new lease for a 105,457-square-foot building at Brown Field Tech Park I in the Otay Mesa submarket of San Diego, California. The tenant is PCI Pharma Services, a leading provider of integrated pharmaceutical development services to the global healthcare market, which leased the entire freestanding building located at 7255 Otay Mesa Rd.
The property is owned by Hines, one of the largest privately held real estate investors and managers in the world. Vice Chairman Brant Aberg with Cushman & Wakefield represented the landlord in the transaction. Hines acquired the project this summer with the Cushman & Wakefield team representing the seller in that transaction.
“We are thrilled to add PCI Pharma to Brown Field Tech Park I, a well-maintained Class A industrial project that is well positioned in Otay Mesa with easy access to multiple freeways and airports as well as the U.S./Mexico border points of entry,” said Brant Aberg. “Otay Mesa continues to be one of San Diego’s most sought-after industrial submarkets experiencing enormous growth. Strong market fundamentals coupled with the property’s own exceptional attributes allowed us to achieve the highest rental rate all-time that we have tracked for this submarket in this industrial size segment.”
Brown Field Tech Park I consists of the 105,457-sf building (Building A) now leased to PCI Pharma Services and a 124,223-sf building (Building C) that is also fully leased. Situated on a combined ±13.5 acres, the buildings are strategically located on the SR-905 at the Britannia Blvd diamond interchange with proximity to the I-5/I-805/SR-125 interchange. The buildings feature modern, functionally divisible spaces with a variety of bay sizes, 32’ clear heights, grade/dock-high loading doors, ESFR sprinkler systems, and concrete truck courts.
According to Cushman & Wakefield, the 22-million-square-foot Otay Mesa industrial submarket is a market leader in San Diego, recording over 1 msf of positive net absorption (occupancy growth) year-to-date 2022 and a staggering 6.8 msf of total growth since the start of 2018. Direct vacancy in the submarket was 3.7% in Q3-2022.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
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