Denver-based investor Black Creek Group has acquired 2020 Piper Ranch Rd, a 601,417-square-foot multi-tenant industrial building in San Diego, from an unnamed institutional investor. The property is the largest industrial asset in San Diego, located on 31 acres in the Otay Mesa and near the US-Mexico border crossing.

"The industrial sector has seen tremendous growth and strength during the most recent months. 2020 Piper is a prime example of a class-A asset in one of the strongest growth markets on the West Coast," Bryce Aberg, executive managing director at Cushman & Wakefield, tells GlobeSt.com. "The quality of the real estate and size of the asset was very attractive to institutional capital." Aberg along with Cushman & Wakefield's Jeff Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Zach Harman of the firm's national industrial investment advisory group in Southern California represented the seller in the transaction, while Aberg and Bill Dolan of Cushman and Rob Hixson of CBRE also provided local market leasing expertise.

Properties of this size are a rare investment opportunity in an infill market like San Diego, and the institutional investor interest reflected the opportunity. "The deal activity we procured for 2020 Piper was extremely robust," says Aberg. "We essentially had every profile of buyer interested in the opportunity to acquire this asset. The volume of interest was about 25% higher than what we typically see in deals of this caliber."