A joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital secured $102.4 million in construction financing for the first phase of Otay Business Park, a speculative class A industrial development in the Otay Mesa submarket of San Diego.
JLL worked on behalf of the joint venture to secure a three-year floating-rate loan through New York Life Real Estate Investors.
Phase I of Otay Business Park will deliver 612,240 square feet across four freestanding warehouse and distribution buildings ranging from 79,760 to 233,880 square feet. The single-story, reinforced concrete tilt-up structures feature 32-foot clear heights and are divisible into suites as small as 45,000 square feet, accommodating varying tenant requirements. Upon full buildout, Otay Business Park will encompass nine buildings totaling 1.78 million square feet of industrial space.
The development is situated on 119 acres, strategically positioned north and south of
