RockPoint, a Boston-based real estate private equity firm, today announced the sale of two industrial properties on Sanyo Avenue in Otay Mesa, California to Buddy Development. This transaction is the third in a series of three industrial properties. Properties Rockpoint and Badiee jointly purchased and developed, with Rockpoint completing the realization of all three properties. Financial terms of the deal were not disclosed.
The 243,000 square foot property is located in a desirable economic hub, 20 minutes from downtown San Diego and less than a mile from the second most active U.S.-Mexico commercial border. Strategically located to take advantage of San Diego’s foreign trade zone, this property provides local businesses with unique cost savings opportunities associated with cross-border trade activities. Rockpoint and Buddy acquired the 15-acre site in June 2021 and have since developed it into a best-in-class industrial property.
“We highly value our partnership with the Badiee team and are excited about their execution on these developments,” said Aric Shalev, co-president and managing member of Rockpoint. “This transaction highlights our focus on investing in and developing trophy industry assets in markets and regions with strong long-term supply and demand relationships. U.S.-Mexico trade activity With its close access to and market-leading attributes, this property is well-positioned for future performance.”
In addition to this property, Rockpoint and Badiee have jointly purchased and developed two other industrial investments. The first is a 247,500-square-foot single-building property at 8151 Airway Road in Otay Mesa that Rockpoint and Buddy sold in 2022. The second is Tropical Logistics, a 259,000 square foot industrial development in North Las Vegas, Nevada. Rockpoint sold the development rights in May 2023.
said Ben Badiee, President and CEO of Badiee Development. “We are thrilled to partner with Rockpoint to invest in and develop three industrial properties that will maximize functionality, flexibility and efficiency for current and future tenants.” Together, we achieved our goal of creating high-quality industrial space to meet the needs of San Diego’s Otay Mesa submarket and North Las Vegas.”
The property, located at 2080 Sanyo Avenue and 9350 Airway Road, features a 32-foot height, desirable dock door ratio, convenient access to Highways 125 and 905, and flexibility to accommodate multiple tenants. It has best-in-class functional properties such as: Composition of each building.
About lock points
Rockpoint is a real estate private equity firm that takes a fundamental value approach to investing and targets select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs across a variety of return profiles. Lockpoint continually evaluates market opportunities and evaluates potential investments against their intrinsic value, replacement cost and cash flow to determine whether pricing is inefficient or misunderstood across the market. We target investments that Lockpoint deems to be. Lockpoint actively pursues opportunities that demonstrate the strong value potential that can be realized through impactful asset management. Since 1994, the Company’s co-founders, together with others, have sponsored 19 investment vehicles and related co-investment vehicles through Lockpoint and its predecessor companies, invested or committed to invest in 504 transactions, and At its peak, total capital amounted to approximately $80 billion. For more information, please visit www.rockpoint.com.
About Badiee Development, Inc.
Founded in 2003, Badiee Development, Inc. is a full-service real estate development company specializing in the foundation development of distinctive logistics and industrial projects throughout the Western United States.
