ING Clarion Partners Acquires Two Industrial Buildings in Siempre Viva Business Park for $41.6 Million

Located in Otay Mesa, California, a part of San Diego’s South Bay area and the region’s largest industrial market, the Siempre Viva Business Park is approximately 15 minutes south of the city’s central business district and just north of the U.S. border with Mexico. The master planned park presently includes 14 Class-A industrial properties totaling in excess of 1.7 million square feet. The facility is easily accessible to the greater San Diego area via the I-805 Freeway, and to the Mexican Border via Otay Mesa Road, the main thoroughfare between the two regions.

The first of the two properties acquired by ING Clarion is Building 11, a 103,908 square foot facility with office, warehouse, and manufacturing space. The facility is 100 percent leased to Kojima America, the U.S. operating division of Kojima Metal Industries. The second property, Building 14, is a 248,136 square-foot corporate and warehouse facility. VF Corporation, one of the world’s largest apparel companies, is the primary tenant.

“Otay Mesa is a growing, well-located industrial submarket that benefits tremendously from San Diego’s diversified economy and its proximity to the vast high-end manufacturing base in Tijuana, Mexico,” said Mike McCann, senior vice president at ING Clarion Partners. “With vacancy rates remaining low and employment growth robust, we remain positive on the outlook of this market and look forward to expanding our portfolio in the region on a selected basis.”