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The Bendetti Co., an Irvine-based commercial real estate company, announced this week it made its first foray into San Diego. The company purchased a 72,158-square-foot industrial building at 9605 Airway Road in San Diego’s Otay Mesa market.
The sales price was not disclosed but CoStar data shows Bendetti bought the building from Newport Beach-based TA Realty for $16.2 million. TA Realty, also according to CoStar, bought the building from Lainer Development Co. for $14.3 million in 2021.
“San Diego continues to demonstrate strong fundamentals and long-term growth potential for multi-tenant industrial properties, making it an ideal fit for our portfolio. The strategic location, asset quality, and unit sizes position us well to meet the evolving demands of industrial users in San Diego,” Bendetti Director of Acquisitions Jon Moyer said in a statement.
The single-level building was built in 2000 and features four light industrial units, ranging from 16,023 to 20,056 square feet. Two of those units are occupied by transportation companies: Baja USA Logistics Group and C&J Brokers. The entire building was built on 3.9 acres and features 14 dock-high and four drive-in doors.
The Bendetti Co., represented in the deal by a team led by Cushman & Wakefield vice chair Bryce Aberg, was founded in 1964. Its portfolio has about 4 million square feet in California, Colorado, Nevada, Texas and Utah.