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OTAY MESA, CA- First Industrial Realty Trust, a diversified industrial real estate firm, has purchased a 205,000-sf warehouse in Otay Mesa for $11.6 million. The warehouse, located at 1855 Dornoch Court, is adjacent to the 111,920-sf warehouse that First Industrial purchased earlier this year. The firm plans to offer this property either as a combined entity totaling 316,920 sf or as divided space that would accommodate tenants in the 50,000-sf range. This latest acquisition increases First Industrial’s Otay Mesa portfolio to more than one million sf of industrial property, with additional land able to accommodate up to 230,000 sf of warehouse/manufacturing build-to-suits.Kelly Nicholls of Grubb & Ellis/BRE Commercial represented First Industrial. Nicholls and Shane Harmon of CB Richard Ellis represented the seller, Rreef Real Estate Investment Trust. Grubb & Ellis/BRE Commercial will represent the property’s exclusive marketing team.Nicholls notes the warehouses’ proximity to San Diego and Mexico and large square footage may make First Industrial’s new properties into hot commodities among distributors.”There are few preexisting boxes on the border,” Nicholls tells Globest.com. “[First Industrial is] able to buy value-added buildings and redevelop them and lease them out. They’re repositioning their corporate-owned assets and leveraging their national platform where they can generate higher returns on their capital.”Building redevelopment plans are underway for the 111,920-sf warehouse. The first phase of the remodeled project should be completed by mid June.

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