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1/10/24
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Chestnut Properties has obtained $91 mil construction money for the development of a modern, 386.3k sf spec industrial building in El Cajon. The project, Gillespie Field iPark, will be located at 1756 Weld Blvd and has a target completion of Q2 in 2025.
As designed, the new construction will offer state-of-the-art features including 30-32’ clear height, ESFR sprinklers with K-25 heads, 64 loading docks, four grade-level doors and rare excess land providing 115 additional truck trailer stalls. The building is designed to achieve net zero emissions from its rooftop solar array and will offer charging stations for EV semi-trucks.
Gantry’s George Mitsanas, Peter Hillakas, Drit Shoemaker and Austin Ridge arranged the financing. The construction loan was provided by 3650 REIT, an institutional debt fund, with terms including two extension options and non-recourse covenants.
Gillespie Field iPark is 44% pre-leased to a top-tier aerospace manufacturer and negotiations are underway for the remaining suites.
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