Originally Six buildings, 157,451 sq. ft.
Year built: 1987
Address: 738, 739, 744, 745 & 750 Design Ct., Chula Vista, CA
Summary: Otay Valley Industrial Park is located in South San Diego County in Chula Vista. The buildings have excellent freeway access, with proximity to residential properties and the border crossings. The Park offers multi-tenant, incubator, warehouse, assembly and distribution spaces equipped with dock and grade doors. The attractive landscaping and well-positioned hillside location makes the park feel more like an oasis rather than just an ordinary industrial park.
Significant-vacant purchase. Major building improvements. Aggressive lease up.
Deal Points: Otay Valley Industrial Park was originally a 6 building purchase with significant vacancy. Due to the contamination of an adjacent property, the Park was purchased at a large discount to market value. The Park, however, was not contaminated and the Partnership acquired contamination insurance at a modest cost. After upgrades to the landscaping, fire sprinklers and exterior finishes, the Partnership sold the approximately 67,860 sq. ft. building in the rear. The proceeds paid off all debt on the Property. The Property is currently owned free and clear. The 5 buildings currently reside on 4 different parcels, allowing for the possibility of the future disposition of 3 of the buildings to owner-users at premium prices.