SAN DIEGO — JLL Capital Markets has arranged $102.4 million in construction financing for the first phase of Otay Business Park, a speculative Class A industrial development in San Diego’s Otay Mesa submarket. The borrower is a joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital. Aldon Cole and Ben Choromanski of JLL Capital Markets arranged the three-year, floating-rate loan through New York Life Real Estate Investors for the borrower.
Phase I of Otay Business Park will deliver 612,240 square feet spanning four freestanding warehouse and distribution buildings, ranging from 79,760 square feet to 233,880 square feet. The single-story, reinforced concrete tilt-up structures will feature 32-foot clear heights and be divisible into suites as small as 45,000 square feet.
Upon full build-out, the 119-acre Otay Business Park will feature 1.8 million square feet of industrial space across nine buildings. Construction for Phase I is underway, with completion slated for mid-2026. The project is expected to reach stabilization by mid-2027.