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Otay Mesa building on Siempre Viva sells

The 115,290-square-foot industrial building in Otay Mesa at 8851-8877 Kerns St., San Diego 92154, in the master-planned Siempre Viva Business Park, has been sold for $8.15 million.

The buyer was Niceride1 LLC, 1596 Radar Road, San Diego 92154. Christopher G. Merziotis is a member of Niceride1. The acquisition was financed with loans of $4,948,200 and $2,474,100 from Pacific Mercantile Bank and $2,543,000 from Pacific West Certified Development Corp.

The sellers of the property (assessor's parcel 667-071-28) were JJB Silverhawk L.P. and VCH No. 1 L.P. JJB Land Co. Inc., with Arnold Veldkamp as secretary, is the general partner of Silverhawk. Hamann Consolidated Inc., with Jeffrey C. Hamann as the president, is general partner of VCH.

Regan Tully, of Cassidy Turley's Otay Mesa office, represented the buyer and sellers.

The building will be the new Southern California corporate headquarters for Otay Mesa Leasing, which signed a 10-year lease. The company specializes in the sales and leasing of construction/industrial equipment throughout Southern California and Mexico.

The sellers acquired the property in mid-1012 for $5,772,500, cash. That transaction included the building, its 3.94-acre lot and an adjacent vacant 3.64-acre lot. The property went through foreclosure in July 2011. In late 2005, the property sold for $14.25 million.

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