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.