Hines has acquired a 232,000-square-foot industrial portfolio consisting of two class-A industrial buildings in San Diego, on behalf of Hines U.S. Property Partners Fund (HUSPP), the firm’s flagship commingled U.S. core plus fund.
The sales price was not disclosed.
The seller of the portfolio is Murphy Development Company. The acquisition offers a strategic opportunity to acquire an at-scale class-A industrial portfolio in San Diego’s largest industrial submarket.
The Otay Mesa Industrial Park consists of two buildings totaling more than 230,000 square feet with 32-foot clear heights and flexible design to accommodate single- or multi-tenant uses. The assets are located in San Diego’s Otay Mesa submarket, the city’s largest industrial submarket, serving as a major port of entry for goods and cross-border labor on the U.S.-Mexico border. The two buildings are built to modern specifications expected to appeal to a wide range of users, including tenants who