SAN DIEGO — A joint venture between San Diego-based Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has unveiled plans to develop Otay Business Park, a 1.8 million-square-foot industrial, distribution and warehouse property in the Otay Mesa submarket of San Diego.
Current construction plans for Otay Business Park include the development of eight speculative or build-to-suit buildings that can accommodate users ranging from 45,000 square feet to 500,000 square feet. The buildings will feature 32-foot to 36-foot clear heights, 325 dock-high loading positions, 175 trailer stalls and 16 grade-level loading doors.
Slated for completion in the second half of 2024, Phase I will consist of 1 million square feet of space spread across five buildings. Phase II will consist of 770,000 square feet across the buildings, with completion scheduled for 12 months after Phase I is delivered. All buildings are planned for speculative development but can be delivered on a build-to-suit basis for occupants.
The developers acquired a total of 263 acres of land where the project is being developed during the second quarter of 2022 for $165 million. The land purchased included the 119 acres that Otay Business Park will occupy, along with several right-of-way parcels that are necessary to construct public dedicated roadways through the site, also including 68 acres of on-mesa biological mitigation land and 76 acres of off-mesa non-native grasslands.
Bryce Aberg, Jeff Chiate, Jeff Cole, Zachary Harman and Brant Aberg of Cushman & Wakefield represented the seller, Otay Venture LP, in the 2022 sale transaction. Aberg, Ryan Downing and Trent Smith of Cushman & Wakefield are handling leasing services for the new development.