The single-tenant industrial property is located at 7625 Panasonic Way in the Otay Mesa area of San Diego. Auerbach Realty bought the property from Sagara Overseas, in care of Mitsui Real Estate Sales.
Brian Driscoll, Eric Northbrook and John Hale of Colliers International represented the seller. Manny Ahsan of Brand Commercial Properties represented the buyer.
Mitsui Real Estate Sales developed the property in 1995 for Matsushita Electric Corporation of America, doing business as Panasonic. Approximately nine years remain on the build-to-suit lease. Panasonic also operates manufacturing facilities directly across the border in Mexico.
The tilt-up concrete building, which includes 75% of office improvements, was designed by LPA Inc. and built by Lusardi Construction Company. Sagara Overseas purchased the property in 1996 from Mitsui Real Estate Sales.
It's the second large deal of the year in this hot new industrial area near the Mexican border.
With Jan. 2 came news of the sale of the San Diego Distribution Center in a deal valued at nearly $12 million, according to brokers familiar with the talks.
Otay Business Park LLC, with Koll Development as a managing partner, sold the 195,540-sf property at 7603 St. Andrews Ave. to ARI-San Diego Distribution Center -- a partnership headed by Newport Beach-based Argus Realty -- for $11.9 million. Koll originally developed the property in 1999. It was fully leased at the time of the sale.
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