PCI Pharma Services, a provider of pharmaceutical development services to the global healthcare market, will lease a 105,457 SF building on Brown Field Tech Park I at 7255 Otay Mesa Road in San Diego under a lease brokered by Cushman & Wakefield.
The property is owned by Hines, one of the largest privately held real estate investors and managers in the world. Hines acquired the project this summer with the Cushman & Wakefield team representing the seller in that transaction.
“We are thrilled to add PCI Pharma to Brown Field Tech Park I, a well-maintained Class A industrial project that is well positioned in Otay Mesa with easy access to multiple freeways and airports as well as the U.S./Mexico border points of entry,” says Brant Aberg, Cushman & Wakefield Vice-Chairman, who represented the landlord in the transaction. “Otay Mesa continues to be one of San Diego’s most sought-after industrial submarkets experiencing enormous growth. Strong market fundamentals coupled with the property’s own exceptional attributes allowed us to achieve the highest rental rate all-time that we have tracked for this submarket in this industrial size segment.”
Brown Field Tech Park I consists of the 105,457-sf building (Building A) now leased to PCI Pharma Services and a 124,223-sf building (Building C) that is also fully leased. Situated on a combined ±13.5 acres, the buildings are strategically located on the SR-905 at the Britannia Blvd diamond interchange with proximity to the I-5/I-805/SR-125 interchange. The buildings feature modern, functionally divisible spaces with a variety of bay sizes, 32’ clear heights, grade/dock-high loading doors, ESFR sprinkler systems, and concrete truck courts.
According to Cushman & Wakefield, the 22-million-square-foot Otay Mesa industrial submarket is a market leader in San Diego, recording over 1 msf of positive net absorption (occupancy growth) year-to-date 2022 and a staggering 6.8 msf of total growth since the start of 2018. Direct vacancy in the submarket was 3.7% in Q3-2022.