-South San Diego Industrial Submarket Continues to Attract Investors
IRVINE, Calif. – July 26, 2021- Rockefeller Group, the U.S. real estate developer, owner and operator, announced today it has sold a 135,623 square foot distribution center situated on a 7.81-acre site in Otay Mesa, Calif., to a fund managed by Black Creek Group, a leading real estate investment firm that was acquired by a subsidiary of Ares Management Corporation on July 1, 2021. Rich Kwasny and Bob Mooney of Colliers International represented Rockefeller Group on the marketing and sale of the project. Mark Lewkowitz, SIOR and Chris Holder, SIOR of Colliers International represented Black Creek Group. Lewkowitz and Holder will handle leasing efforts for the new ownership.
Rockefeller Group broke ground on Airway Industrial Park in September 2020 and completed construction earlier this month. It is the company’s first industrial development in South San Diego.
“We entered the South San Diego/Otay Mesa industrial market for the first time with this project,” said Marc Berg, Vice President and Regional Director for Rockefeller Group’s West Region. “We were able to successfully design and develop a quality Class A industrial building with state-of-the-art features including truck trailer parking stalls to meet market demand.”
According to Mr. Berg, Rockefeller Group has been focused on new opportunities in the San Diego area and the success of this project is validation of its confidence in the market.
The project is located at 8150 Airway Road, San Diego, Calif., just east of the Britannia/SR-905 Interchange.
“As a long-time owner and operator in the San Diego/Otay Mesa market, we continue to believe in the strength of this market and are excited to be adding another Class A industrial property to our holdings,” said Gregg Boehm, Managing Director in the Ares Real Estate Group. “Ideally located with close proximity to major transportation hubs and large population centers, the property has already received strong leasing interest, and we are optimistic for a quick lease-up.”
“Airway Industrial Park drew significant interest from institutional Investors and ecommerce/3PL users alike who recognize the value proposition of being proximate to the greater San Diego area, as well as, on the U.S. southern border.” said Mark Hilton Carpenter Jr., Associate Director, Development. “The South San Diego County submarket has morphed into the premier location for modern industrial and distribution development. We are very focused on identifying new development opportunities in this area.”
“Airway Industrial Park is the latest, high-quality industrial center delivered in Otay Mesa,” said Lewkowitz. “Otay Mesa continues to be a highly sought-after market for industrial building owners and users.”
Airway Industrial features a 32’ clear height, 185’ truck yard, truck trailer parking and an efficient office design. The building also includes 137 auto parking spaces to accommodate a significant workforce. The Otay Mesa location provides easy access to SR-905 and proximity to both the SR-125 Freeway and I-805.
The building was designed by Ware Malcomb and engineered by Kimley-Horn and Associates, Inc. Dempsey Construction was the general contractor.
# # #
About Rockefeller Group
Rockefeller Group develops, owns and operates extraordinary properties across the United States. For nearly a century, the company has delivered exceptional experiences and value creation through dedication to quality in the built environment. The company’s portfolio spans the development of office, multifamily, industrial and mixed-use projects across six geographic regions as well as significant ownership interest in and management of approximately six million square feet of world-class office space in Manhattan. Visit RockefellerGroup.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, including the acquisition of Landmark Partners, which closed June 2, 2021, and the acquisition of Black Creek Group, which closed July 1, 2021, Ares Management’s global platform had approximately $239 billion of assets under management with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
About Black Creek Group
The U.S. real estate investment advisory and distribution business of Black Creek Group, a leading real estate investment management firm, was acquired by a subsidiary of Ares Management Corporation on July 1, 2021. The firm has invested in institutional quality commercial real estate across the U.S., managing diverse offerings across the industrial, multifamily, office and retail sectors and providing a range of investment solutions for both institutional and wealth management channels. Over its more than 25-year history, Black Creek Group had bought or built over $23 billion of investments. As of March 31, 2021, the firm had a national footprint of 75.8 million square feet across 31 U.S. markets, including properties under control and development. For more information, please visit www.blackcreekgroup.com.
About Colliers International Group
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
# # #