SAN DIEGO—An affiliate of Zurich Alternative Asset Management, LLC has acquired Three Piper Ranch in Otay Mesa from a fund managed by BlackRock for $31.5 million. Located at 1210 and 1320 Air Wing Road, the property was 100% leased at the time of sale.
Louay Alsadek, Darla Longo, Barbara Emmons, Hunter Rowe and Andrew Taylor of CBRE along with Regan Tully of Cushman & Wakefield represented the BlackRock managed fund. Zurich represented itself.
Built in 2007 on 19.33 acres, Three Piper Ranch is a two-building industrial park totaling 333,576 square feet. The property's four tenants are CamelBak, ILG Corporation, Legacy Supply Chain Services, and AEMI.
"Three Piper Ranch is considered the jewel of the South County industrial market with new construction, best-in-class features and excellent freeway access," Alsadek said.
ZAAM runs a national core and core-plus acquisition program out of New York, which targets assets valued between $15 million and $100 million throughout 14 major markets in the United States. Joe Russo, associate director of acquisitions and Sean Bannon, managing director and head of U.S. real estate represented ZAAM in the transaction. "BlackRock did a fantastic job with Three Piper Ranch, and we are pleased to add this high-quality industrial asset to our growing portfolio," Bannon said.
BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, BlackRock's AUM was $4.506 trillion. As of September 30, 2015, the firm had approximately 12,900 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
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