New Class A industrial development near San Diego capitalized

SAN DIEGO, November 5, 2020 – JLL Capital Markets announced today that it has arranged a joint venture equity partnership and senior construction financing for the development of California Crossings, a to-be-built, two-building, Class A industrial facility totaling 449,680 square feet in the San Diego-industrial submarket of Otay Mesa, California.

JLL worked on behalf of the developer, San Diego-based Sudberry Properties, to arrange a JV venture equity partnership with a global investment manager. Additionally, JLL worked on behalf of the developer and the global investment manager to place the five-year, non-recourse construction loan with a life insurance company.

California Crossings will be situated on 28.99 acres on Otay Mesa Road in San Ysidro one mile from the U.S.-Mexico International Border, which will offer tenants the ability to store goods duty free and have direct access to international trade and an expanded labor force. The property is in the Otay Mesa Industrial submarket, home to San Diego’s largest concentration of Fortune 500 companies. Additionally, the property is proximate to Interstates 5, 8, 15 and 805, the region’s arterial thoroughfares connecting to all of Southern California’s vital trade routes. The buildings will have state-of-the-art industrial space and feature minimum clear heights ranging from 30 to 32 feet, concrete truck yards with ample turnaround space, a small mezzanine build out, 126 dock-high doors and nine grade-level doors.

The JLL Capital Markets Debt and Equity Placement team representing the seller was led by Senior Managing Director Aldon Cole, Managing Director Bryan Clark and Analyst Brad Vansant.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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