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Managing GP Inc. Takes 21 Acres at Industrial Park

SAN DIEGO-The locally based real estate company acquires land at Gateway Otay Park for $7.7 million with plans for industrial warehouse developments.

By Amanda Paxson | Updated on November 15, 2004

SAN DIEGO-Managing GP Inc., a locally based real estate company, has acquired 21.6 acres at Gateway Otay Park for $7.7 million with plans for future industrial warehouse developments. Managing GP Inc. bought the parcel from Lomas Investments LLC in two separate land deals.In the first transaction, three lots totaling 18 acres of land used for truck parking were sold for $6.5 million while the second transaction consisted of the sale of a single 3.6 acre lot for $1.1 million. Regan Tully of Grubb & Ellis/BRE Commercial represented both owner and buyer of both transactions. “The land will be held for future investment and development,” says Tully. According to a company official at Lomas Investments, the company is in the process of diversifying assets and will use the profits from the transaction for reinvestment in office buildings. Gateway Otay Park is located off the SR 905 in Otay Mesa. The park consists of industrial condominiums and space for truck parking. The Lamkin Corp., a business which specializes in golf grips, also has space on the property. Lomas Investments was established in 1960 when 1,200 acres was purchased in Northern San Diego for development of the Lomas Santa Fe Community in Solana Beach. The project was completed during the mid 1980′s and consisted of 2,000 dwelling units, two major shopping centers, and golf facilities. The Lomas Group currently has several projects in the metro area including the Breeze Hill development, a 30,000-sf strip center. Other developments include the Estero Project in Santa Barbara, a seaside property acquired to build a resort community.

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