Colliers secures the second lease of a four-building project totaling 845,830 SF
San Diego, Calif., March 2022 – Colliers today announced the lease transaction of 1601 Landmark Road, the second building in Majestic Realty Co. and Sunroad Enterprises’ highly anticipated Landmark at Otay industrial park. Representing the sellers, Majestic Realty Co. and Sunroad Enterprises, Colliers’ senior vice presidents Chris Holder and Mark Lewkowitz, with associate Will Holder, brokered the lease of the 216,140 square-foot building, reaching a final consideration of approximately $13,000,000. The 1601 building, leased amidst construction, will occupy four private tenants.
Late last year, the Colliers team secured the park’s first tenants (at the 153,000 square-foot 1701 building), marking Phase I of the development now fully leased. Phase II, comprised of two additional buildings totaling ±500,000 square feet, is on track for completion later this year. In its entirety, the Landmark at Otay industrial park spans across 50 acres, and its four free-standing buildings reach a combined 845,830 square feet.
Industrial property is scarce in central San Diego, and with demand at its highest and climbing, development in areas such as Otay has accelerated. Since 2021, Otay’s rents have grown approximately 7.6 percent, and more than 1.7 million square feet of speculative projects have broken ground in the area over the last year.
PR & Communications Specialist | Southwest
PR & Communications Manager | Southwest
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