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FR Makes First Foray Into SD With $41.8M Buy

OTAY MESA, CA-First Industrial Realty Trust Inc. enters the San Diego commercial real estate market with its acquisition of the Otay Mesa industrial asset formerly known as The GGateway.

By Erin Cassin | Updated on April 30, 2003

OTAY MESA, CA-First Industrial Realty Trust Inc. has made its first foray into the San Diego commercial real estate market with its $41.8-million purchase of the Otay Mesa industrial asset formerly known as The Gateway.

Currently called First International Business Center, the property stands at 9255-9485 Customhouse Plaza. It is located next to the International Port of Entry in Otay Mesa, which is adjacent to the U.S.-Mexico border, and is also situated within a Foreign Trade Zone, State of California Enterprise Zone and County of San Diego Recycling Market Development Zone.

Encompassing 724,502 sf, the circa 1989 property is comprised of nine facilities. They include three multi-tenant, bulk distribution buildings and six multi-tenant, light industrial facilities. In addition, the property contains 13 acres of fully improved and entitled land that First Industrial Realty officials say is “immediately available for build-to-suit opportunities.” Current occupants include Sony, Emery Worldwide, Respiratory Support Product, Otay Mesa Chamber of Commerce and Sharp Electronics.

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