San Diego’s industrial real estate sector has recently seen another property enter the market. According to Colliers, a property situated in the city’s East Otay Mesa submarket was recently placed up for sale or lease. The property is listed on behalf of current ownership, an entity affiliated with Phelan Development, public records show. Pricing guidance for the property has not been released.
The 150,530 square foot industrial property is located at 7129 Enrico Fermi Place. The property boasts 110 parking spaces, 11 truck stalls, four loading docks and 22 dock-high doors. Additionally, the property features more than 6,000 square feet of office space.
The property also offers unparalleled access to major transportation arteries, including the I-905 freeway. The property is within close proximity of the United States-Mexico border, where a number of other industrial developments are situated. There are also a large number of people residing in the area, with 307,715 people within 10 miles of the property and 89,719 housing units within 10 miles.
“The Otay Mesa market is reaching historic levels of demand for industrial real estate. Enrico Fermi Industrial is a pristine property with immediate access to customers, highly skilled labor and commercial border crossing,” the marketing brochure states.
Overall, San Diego’s industrial market has seen stagnating figures. According to a Q4 2023 San Diego industrial market report, the San Diego market saw a slight decrease in rental rates by two percent, resulting in an average rate of $1.70 per square foot. Vacancy also rose by 90 basis points to 5.43 percent. Despite this, there has been 1.25 million square feet of new construction completed, with 23 percent preleased.
