JLL Capital Markets arranged $81.6 million in financing for Otay River Business Park, a 369,803-square-foot industrial and retail business park located at 2925-2945 Main St. and 2775-2970 Faivre St. in Chula Vista, California.
JLL worked on behalf of the borrower, Sudberry Properties, to secure a floating-rate, five-year loan through a debt fund. The loan includes future funding for construction completion and leasing costs.
The property is positioned just east of Interstate 5 in Chula Vista. The development comprises stabilized, recently delivered and under-construction components across multiple phases built between 2021 and 2026. Phase IV, currently under construction, includes a 66,000-square-foot industrial building and parking facilities.
The development is currently 100% leased across its existing space, with Phase IV already 70% pre-leased to an investment-grade tenant. The tenant base includes a diverse mix of industrial, distribution and retail users.
The JLL Capital Markets team was led by Aldon Cole and Bharat Madan, along with Jenna Frakes.
