Easterly Puts Otay Mesa on ICE

Easterly Government Properties, a REIT that focuses on buying and developing government leased properties, has purchased the Immigration and Customs Enforcement office in Otay Mesa for $16.6M. The 53k SF property, Pacific Rim Professional Plaza, is at 2297 Niels Bohr Ct and adjacent to Easterly's DEA office and a half mile from Otay Mesa Land Port of Entry.

This is Easterly's third property buy since the company went public earlier this year under CEO William Trimble's leadership (here ringing NYSE's bell). Easterly Chairman Darrell Crate says the ICE office is expected to bring a cash NOI of $52M. He also hinted there was more to come with Easterly. “We remain on track with our annual acquisitions outlook and continue to work to assemble a portfolio of mission-critical buildings,” he says.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Diego Newsletters
Related Stories

FoxRock Buys Quincy Office At 78% Discount After Luring Tenant Away

SL Green's $2.5B Sell-Off Hits Interest Rate Snag

Hines Closes $591M Multifamily DST Offering

CBRE Leans On Data Center Business As Higher Rates Squeeze Capital Markets

Bill Barr's Law Firm Expands Footprint In Move To Pennsylvania Avenue

Blackstone Writes Down Real Estate Values But Remains Bullish On Data Centers

Debt Flood Shrinks Bank OZK's Real Estate Book Faster Than Planned

Conversions Ramp Up As New Report Calls For Resident-Led Downtown Denver Recovery

Lender Wants Blackstone, Hudson Pacific To Sell Vacant Sun Valley Studio

Apollo To Buy Majority Stake In $2B UDR Portfolio

Foreclosure Auction Set For Loop Office-To-Residential Conversion

Elecor, Formerly Paramount Group, Gains New Muscle With Rithm In Its Corner