Lotus Real Estate Partners and Texas-based TriGate Capital have acquired 9485 Customhouse Plaza, a 130k SF industrial building in Otay Mesa, from Horoy Inc. With a rapidly declining vacancy rate, San Diego’s poised for rental appreciation in the industrial sphere over the near-term, Lotus managing partner Brian Walker tells us. South San Diego County, and especially Otay Mesa, are benefiting from corporate migration from the central part of the county to take advantage of (still) lower rental rates and more functional product. Brian's snapped with wife Elizabeth, daughters Christine and Nicoletta, son Finley, and a certain cartoon dog.
The JV also entered into a seven-year lease with Horoy allowing the company to lease back 57k SF, or 55% of the building. The building is fully occupied, with other major tenants On-Time Logistics and Phase II Products occupying the remaining space. Customhouse Plaza building is located in a nine-building industrial park along the US/Mexico border, and immediately adjacent to the port of entry for all trucks entering the United States from Mexico. Cushman and Wakefield’s Jeffrey Chiate repped Lotus/TriGate in the deal, with Romar Co’s Stephen Dunn repping the seller.
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