Search
 

First Industrial Acquires a 205,000-SF Warehouse

OTAY MESA, CA-The firm, a diversified industrial real estate firm, pays $11.6 million for the site. The property is adjacent to an 111,920-sf warehouse that First Industrial purchased earlier this year.

By Nellie Day | Updated on June 14, 2005

OTAY MESA, CA- First Industrial Realty Trust, a diversified industrial real estate firm, has purchased a 205,000-sf warehouse in Otay Mesa for $11.6 million. The warehouse, located at 1855 Dornoch Court, is adjacent to the 111,920-sf warehouse that First Industrial purchased earlier this year. The firm plans to offer this property either as a combined entity totaling 316,920 sf or as divided space that would accommodate tenants in the 50,000-sf range. This latest acquisition increases First Industrial’s Otay Mesa portfolio to more than one million sf of industrial property, with additional land able to accommodate up to 230,000 sf of warehouse/manufacturing build-to-suits.Kelly Nicholls of Grubb & Ellis/BRE Commercial represented First Industrial. Nicholls and Shane Harmon of CB Richard Ellis represented the seller, Rreef Real Estate Investment Trust. Grubb & Ellis/BRE Commercial will represent the property’s exclusive marketing team.Nicholls notes the warehouses’ proximity to San Diego and Mexico and large square footage may make First Industrial’s new properties into hot commodities among distributors.”There are few preexisting boxes on the border,” Nicholls tells Globest.com. “[First Industrial is] able to buy value-added buildings and redevelop them and lease them out. They’re repositioning their corporate-owned assets and leveraging their national platform where they can generate higher returns on their capital.”Building redevelopment plans are underway for the 111,920-sf warehouse. The first phase of the remodeled project should be completed by mid June.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.