The buyers, Hylen-Otay LLC and McEwen-Otay LLC, have paid $3.3 million for the facility, which is located at 690 Otay Lakes Rd. Built in 1979, the property stands on a 2.45-acre parcel. Its main tenants are Bonita Athletic Club and McMillin Real Estate and Mortgage Co.
Shidler acquired the facility from North Island Federal Credit Union in 1998 for $2.4 million. Its decision to sell the property reflects the company's strategy of repositioning its assets in the San Diego office market, says Matt Root, a Shidler partner. He adds that Otay Mesa's growth is reflected in the "recent price appreciation in quality office space."
The Shidler Group venture, Lake Partners LLC, represented itself in the recent transaction. Mark McEwen of Colliers International acted on behalf of Hylen-Otay LLC and McEwen-Otay LLC.
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