Otay Business Park LLC, with Koll Development as a managing partner, sold the 195,540-sf property at 7603 St. Andrews Ave. to ARI-San Diego Distribution Center -- a partnership headed by Newport Beach-based Argus Realty -- for $11.9 million. Koll originally developed the property in 1999. It was fully leased at the time of the sale.
Both parties were represented by a team of industrial specialists that includes Nick Psyllos of CB Richard Ellis' Central San Diego office, and Tom Martinez, Rob Hixson, Shane Harmon and Rich Kwasny of CB's Downtown office.
CB Richard Ellis will retain leasing duties under the new ownership.
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