Hines Buys 2 San Diego-Area Industrial Facilities for $77M

Hines has obtained a 229,680-square-foot industrial portfolio in San Diego Calif., for $77.3 million, according to San Diego County information.

Murphy Growth Co. bought the two-property portfolio that is currently being referred to as Brown Discipline Tech Park I. The seller was represented by Cushman & Wakefield in the transaction, when JLL furnished leasing advisory and will continue to be the leasing broker of the remaining attributes at the industrial park.

Constructed in 2021 and located at 7725 Otay Mesa Street and 1965 Continental St., the Course A homes are situated in the Otay Mesa place, San Diego’s most significant industrial submarket. The buyer obtained the 7725 Otay Mesa Highway facility for $33.8 million, and paid $43.5 million for the 1965 Continental St. assets, in accordance to San Diego County documents.

The two services aspect 32-foot distinct heights, 4,000 amps of 277/480 volt electrical power, manufacturing sewer and h2o capacity, ESFR sprinklers, concrete truck courts and substantial dock door ratios developed for distribution buyers.

Future strategies

The consumer ordered the portfolio on behalf of the Hines U.S. Home Companions Fund, the firm’s flagship commingled U.S. main-additionally fund. The Fund is slated to acquire two other buildings at the Brown Industry Technologies Park, totaling 203,244 sq. toes, with design completion prepared for the 2nd quarter of 2023.

Before this month, Hines offered its very first industrial park in the San Antonio-New Braunfels, Texas, MSA. KKR acquired the Course A, 576,047-sq.-foot Corner Ridge Crossing.