Otay Mesa: Booming Growth Along the Border

SAN DIEGO-While Downtown San Diego has been in the spotlight due to its dynamic growth in recent years, it’s not the only area submarket with reason to thump its chest. Otay Mesa is just one of the submarkets growing at rates where developers are having trouble keeping up with the demand.

CJ Stos of Master Development Co. and Michael McCann of ING Clarion will be among the experts discussing the booming growth taking place in Otay Mesa. They’ll have plenty to talk about. This week another major development surfaced, with Kearny Real Estate Co. LLC acquiring 311.4 acres of raw land in Otay Mesa for $23.3 million.

The land surrounds the planned SR-11 highway extension. When completed, SR-11 will “connect Hwy 125 and Hwy 905 to the proposed third US-Mexico border crossing-port of entry,” according to officials with Colliers International, who represented the buyer. Kearny plans to develop Otay Crossings Commerce Park on the site.

According to information obtained from Kearny, the firm plans three million sf of industrial space at a cost of roughly $400 million. Kearny partnered with Pacific Coast Capital in the deal. Kearny officials say they’re looking at a three-year timetable to work through entitlements on the raw land.

At Thursday’s conference, panelists will layout the dynamics in play that are creating the boom in Otay Mesa. They’ll also discuss, beyond Kearny, who the other players are doing the deals in the submarket.

RealShare Group Conference Manager Colleen McShane tells GlobeSt.com that “over 300 industry professionals” are expected at the event, which will be held at the Marriott Del Mar, with networking beginning at 7 am. The day kicks off with a keynote address by Jim Waring, Director of Land Use & Economic Development for the City of San Diego.

Other highlights include a “Pardon the Interruption” segment, based on the ESPN series, and will feature Stath Karras of Burnham Real Estate and Mark Read of CB Richard Ellis squaring off in a rapid-fire Q&A segment. According to RealShare officials: Karas and Read will debate the “top 10″ real estate topics in the area.

Other topics include: investment sales opportunities; a capital markets update; a discussion with local corporate real estate executives and a Town Hall Meeting. The conference concludes at noon.

RealShare San Diego, along with other RealShare events nationwide, is produced by Real Estate Media, publishers of GlobeSt.com, Real Estate Forum, Real Estate Southern California and other print and online publications devoted to commercial real estate.