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OTAY MESA, CA-Activity remains brisk at Opus Crossing, an eight-building industrial park. In the latest deal, Newport Beach-based Master Development Corp. paid $15 million for two buildings. The properties sold for approximately $100 per sf. MDC acquired the buildings from Opus West Corp, the park's developer.Located on 8.5 acres, the multi-tenant buildings total 151,172 sf. They are built to accommodate multiple users and are already divided into eight suites each, for a total of 16 suites. Two of the suites count 15,482 sf; two count 12,104 sf; and the remaining 12 suites are built out to 8,000 sf.This sale to MDC closes out Opus Crossing as the other six buildings in the industrial park have been sold to owner/users. For the MDC deal, Louay Alsadek, Darren Mullins and Erik Parker of Grubb & Ellis|BRE Commercial represented the buyer. The brokers have also been retained to market the suites. Rob Hixson, Shane Harmon, Allen Evans and Richard Kwasny of CB Richard Ellis represented Opus West Corp.The selling out of Opus Crossing is further proof of the strong industrial market in Otay Mesa. Over the past five years, the total industrial base in the city has almost doubled to more than 11 million sf. At year-end 2005, the occupancy rate hit 90%. Positive net absorption hit 720,637 sf for the market.Earlier this year, Globest.com reported on three of the owner/users filling space at the industrial park. San Diego-based Kang & Choi LLC took a 28,468-sf building at the park. Hoon Imports acquired Building Two, a 23,734-sf development on 1.27 acres, and ATC Logistics Inc. will occupy Building Three, a 32,473-sf building on 1.84 acres."The confluence of rapidly escalating land values and spiraling construction costs will eliminate the ability to deliver this type of core industrial product to market at this price point in the future," says Chris Wood, senior director of real estate for Opus West.
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