San Diego logistics center sells for $135M
JLL Capital Markets closed the sale of the four-building property in the highly sought-after Otay Mesa Industrial submarket
SAN DIEGO, Dec. 17, 2021 – JLL Capital Markets announced that it has closed the $135 million sale of Viva Logistics Center II, a four-building logistics center totaling 547,000 square feet of Class A, institutional-quality industrial space in the Otay Mesa area of San Diego, California.
Viva Logistics Center II features a combination of cross-dock and rear-load buildings with clear heights ranging from 24 to 32 feet, ample dock loading positions, wide column spacing, deep truck courts, low office finish and ample parking. The buildings were constructed between 2001 and 2003 and recently extensively renovated and rebranded. More information about the project can be found at vivalogisticscenter.com.
Situated on 29 acres at 8690 Kerns St., 2660 Sarnen St. and 8863 and 9043 Siempre Viva Rd., Viva Logistics Center II is in the Otay Mesa Industrial submarket which, according to JLL Research’s recent San Diego Industrial Insight report, has a record low vacancy of 3.9 percent at the end of the third quarter. The submarket is also adjacent to the U.S.-Mexico border and less than two miles from the Otay Mesa Land Port of Entry.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Mark Detmer, Senior Director Ryan Sitov, Director Ryan Spradling and Analysts Taylor Neiman and Makenna Peter, along with Vice President Andy Irwin and Executive Vice President Greg Lewis with the JLL Industrial Brokerage team.
“The San Diego industrial market is performing extremely well, and institutional capital has taken note over the past 24 months,” Spradling said. “The Viva Logistics Center is one of the premier industrial projects in the market, which is evident in the strong pricing it garnered. We are grateful to have the opportunity to work with IDS Real Estate Group throughout this process and look forward to helping EastGroup fill up the vacancies moving forward.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About IDS Real Estate Group
Since its founding over 35 years ago, IDS Real Estate Group has been widely recognized for enhancing value on over $5 billion of commercial real estate.
About EastGroup Properties
EastGroup Properties, Inc. (NYSE: EGP), an S&P MidCap 400 company, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 15,000 to 70,000 square foot range). The company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 51 million square feet.