The 29,000-square-foot industrial building in the Britannia Corporate Center in Otay Mesa at 7565 Siempre Viva Road, San Diego 92154, has been sold for $2,131,500.
The buyer was Saint Andrews LLC, a California limited liability company, 7684 Saint Andrews Ave., Suite B, San Diego 92153, with Don D. Wall as the managing member.
The acquisition was financed with loans of $1,065,750 and 825,600 from City National Bank.
The property is under an October 2012 lease to Rack's Inc., with Douglas E. Wall as president and Don Wall as secretary. The tenant is an office and store fixtures, partitions, shelving and lockers manufacturer.
The sellers of the property (assessor's parcel 667-060-32) were Robert Y. and Judy Hsu.
The building was constructed in 2002 on a 1.64-acre lot.
Erik Parker and Darren Mullins, of Cassidy Turley San Diego represented the sellers. The buyer was represented by Raul Padilla, of Coast Commercial Brokerage Inc.
“The owner/user building sale market in Otay Mesa experienced a flood of activity in 2012,” Parker said.
“This increase in activity has limited the supply of high-quality industrial buildings available for sale in Otay Mesa. This sale represented one of the few remaining options for a high-quality building in Otay Mesa and has contributed to the steady improvement and recovery of building values.”
“Since this time last year, the average sale price for industrial buildings of this quality has increased by an impressive 20 percent,” Mullins added. “The sale market will continue to improve with a shrinking inventory of high-quality buildings and increasing demand.”