EQT Exeter has added a $23.5m (€21.1m) industrial building in San Diego’s Otay Mesa Submarket to its US logistics portfolio.
Cushman & Wakefield said it advised Washington Capital Management on the sale of the fully-let 115,520sqft building located at 2345 Britannia Blvd.
The 2345 Britannia asset, which serves as the headquarters for furniture manufacturer Martin Furniture, is closely accessible to freeways I-5, I-805, SR-905, and SR-125, as well as the Brown Field Municipal Airport and Tijuana International Airport.
Bryce Aberg, vice-chair at Cushman & Wakefield’s national industrial advisory group, said: “This is a prime industrial asset, comprising a distinguished class-A building on an abundant parcel that is supported by stable cashflow from a strong tenant.
“As exemplified by the building’s own 100% occupancy, Otay Mesa maintains its prowess as one of the most desired industrial occupier submarkets in Southern California, which continues to attract investor demand.”
Jeff Chiate, executive vice-chair at Cushman & Wakefield’s national industrial advisory group, said: “This asset boasts a coveted investment profile, while its location offers excellent proximity to several freeways and logistical routes, the US/Mexico border points of entry, and multiple airports, providing superior regional, national and international access.
“This accessibility is extremely difficult to replicate, making the property very desirable for occupiers and investors.”
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