Feb 23, 2021


Articles & Insights

ICM Asset Management Acquires 119 Acres of Undeveloped Land Located on the U.S. / Mexico Border South of San Diego, CA

ICM Asset Management Acquires 119 Acres of Undeveloped Land Located on the U.S. / Mexico Border South of San Diego, CA

February 23, 2021 (San Diego, CA) – ICM Asset Management is pleased to announce the acquisition of Otay Mesa Business Park, 118.5 acres of undeveloped land located 20 miles southeast of downtown San Diego and adjacent to the U.S. side of the U.S. / Mexico border – the busiest point of entry along the border. The property will further benefit from a third commercial border crossing under construction adjacent to the site. It will provide direct on and off-ramp access to the site, allowing easy accessibility for trucks servicing logistics and manufacturing centers on both sides of the border.

The Tijuana industrial market, immediately to the south of the property, has experienced explosive growth in the last ten years and is now the lowest vacancy industrial market in Mexico, with vacancy rates under 1%. The Otay Mesa submarket benefits both from its proximity to Tijuana manufacturing and logistics and its proximity to the San Diego MSA. Less than a half-mile from the site is a new state-of-the-art Amazon fulfillment center totalling 3.2 million square feet, and companies such as Bose, Panasonic, Costco, General Dynamics, FedEx, and Honeywell.

 “Otay Mesa is the fastest-growing industrial market in Southern California, both in terms of land values and rents. We are privileged and excited to be acquiring the largest remaining in-fill site in that market,” said Scott Myers, ICM’s Managing Director.

The property has a recorded Tentative Map pursuant to the California Environmental Quality Act (CEQA) requirements and in accordance with the Otay Mesa Specific Plan. The business plan is to take the next step in the CEQA mapping process by designing and recording a Final Map, wherein the on and off-site plan improvements will be engineered and approved for the development of a ~ 1.8 million square foot industrial park. At recordation of a Final Map, ICM and its local developer partner will have substantially increased the property’s value. At that point in time, ICM will determine the best strategy between selling the property outright or co-developing the property with an industrial developer.

About ICM Asset Management

ICM Asset Management is an alternative asset manager founded in 2003 to preserve and grow the wealth of retail, private client, and institutional investors looking to diversify their portfolios through the use of alternative asset classes. Today, they manage more than $1.2 billion of assets on behalf of their investors in an array of investment opportunities focused on real estate, private equity, and alternative income strategies.

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