San Diego, CA - CBRE announced that Dallas-based online vehicle auction company Copart, Inc. purchased 51 acres of land in Otay Mesa for $30 million.
CBRE’s Rob Hixson represented the seller, the Street family. Joe Carroll of Resource One represented Copart.
Located at the north end of La Media Road and the east side of Brownfield Airport, the property has recently been used as a truck yard. The asset has recently been improved with power, water, landscaping, fencing, screening and secure gates. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.
The property is located within one mile of the CA-905 and CA-125 freeways that connect to the rest of San Diego county. The San Diego submarket of Otay Mesa continues to be a focus for investors and developers, as it is one of the few underdeveloped regions left in the county.
“This transaction represents a perfect match between buyer and seller,” said Hixson. “With a major online retailer purchasing land in the area and San Diego County’s escrow for 40 acres for the Emergency Vehicle Operation Center, large industrial users are taking advantage of reasonably priced industrial land in Otay Mesa.”
He added, “Otay Mesa is one of the few reasonable land markets left in California and is perfect for Copart’s business.”
CBRE’s Rob Hixson represented the seller, the Street family. Joe Carroll of Resource One represented Copart.
Located at the north end of La Media Road and the east side of Brownfield Airport, the property has recently been used as a truck yard. The asset has recently been improved with power, water, landscaping, fencing, screening and secure gates. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.
The property is located within one mile of the CA-905 and CA-125 freeways that connect to the rest of San Diego county. The San Diego submarket of Otay Mesa continues to be a focus for investors and developers, as it is one of the few underdeveloped regions left in the county.
“This transaction represents a perfect match between buyer and seller,” said Hixson. “With a major online retailer purchasing land in the area and San Diego County’s escrow for 40 acres for the Emergency Vehicle Operation Center, large industrial users are taking advantage of reasonably priced industrial land in Otay Mesa.”
He added, “Otay Mesa is one of the few reasonable land markets left in California and is perfect for Copart’s business.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.