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Otay Mesa building part of $561 million transaction

A 44,840-square-foot Class B industrial warehouse building at 7510 Airway Road in Otay Mesa has been sold as part of a 25-property, 4.32-million-square-foot transaction to the National Pension Service of Korea and the Heitman LLC pension investment management firm. The total transaction is valued at a reported $561 million.

The Otay Mesa building, which was constructed in 1996, is located within an enterprise zone and has 28 9-by-10-foot overhead doors available.

The seller is a unit of The Dexus Property Group of Sydney, Australia, a firm said to be the largest owner of office and industrial property in that country.

The transaction did not include the adjacent 75,296-square-foot building at 7520 Airway Road, which continues to be in Dexus’ ownership.

Dexus, which has U.S. headquarters in Newport Beach, Calif., has other properties in San Diego County, having acquired the State Place Business Park, a 49,324-square foot multitenant complex at 300-398 State Place in Escondido, for $5.2 million in December 2010.

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