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9/04/26
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Sudberry Properties has obtained $81.6 mil in new financing for Otay River Business Park, a 369.8k sf industrial and retail business park development in Chula Vista. The loan includes future funding for construction completion and leasing costs.
The property is located at 2925-2945 Main St and 2775-2970 Faivre St, just east of Interstate 5. The location provides exceptional connectivity to San Diego, Mexico, Los Angeles and the broader western United States via Interstate 5, 805, 8 and California State Routes 54, and 905.
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 66k sf 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.
A JLL Capital Markets team led by Senior Managing Director Aldon Cole and Vice President Bharat Madan, along with Analyst Jenna Frakes, arranged the floating-rate, five-year loan through a debt fund. JLL Derivatives advised on the interest rate cap purchase.
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