$102.4M construction financing secured for 612K SF Otay Business Park industrial development

SAN DIEGO, Sept. 29, 2025 –  JLL Capital Markets announced today it has arranged $102.4 million in construction financing for the first phase of Otay Business Park, a speculative Class A industrial development in the Otay Mesa submarket of San Diego.

JLL worked on behalf of a joint venture between Elevation Land Company and a real estate fund advised by Crow Holdings Capital to secure a three-year, floating-rate loan through New York Life Real Estate Investors.

Phase I of Otay Business Park will deliver 612,240 square feet across four free-standing warehouse and distribution buildings ranging from 79,760 to 233,880 square feet. The single-story, reinforced concrete tilt-up structures feature 32-foot clear heights and are divisible into suites as small as 45,000 square feet to accommodate varying tenant requirements. Upon full buildout, Otay Business Park will encompass nine buildings totaling 1.78 million square feet of industrial space.

The development sits on 119 acres strategically positioned north and south of the recently completed Siempre Viva Road extension, which connects directly to State Route 11. The property benefits from immediate highway access for northbound traffic entering the United States from the new Otay Mesa East Port of Entry, currently under construction and scheduled to open in late 2027.

Additionally, the project benefits from Otay Mesa's position as a critical logistics hub, with the submarket accounting for 17 percent of San Diego's 21.8 million square feet of industrial inventory. The area handles roughly two-thirds of all cross-border trade between California and Mexico, with more than one million northbound trucks crossing the existing Otay Mesa Port of Entry in 2023. The Otay Mesa submarket allows proximity to major transportation infrastructure, including Brown Field Municipal Airport 5.1 miles away, Interstate 805 7.6 miles away and the San Diego International Airport 24.9 miles from the site.

Construction for Phase I commenced in September 2025, with completion expected in mid-2026. The project is anticipated to reach stabilization by mid-2027.

“The capital interest shown for this project was robust and is a testament to its attractive location and quality design. We are pleased to partner with New York Life Real Estate Investors on this construction loan. Otay Business Park furthers our strategic investment objective in the secular trend of cross-border logistics,” stated Brig Black, Founder and Principal of Elevation Land Company.

The JLL Capital Markets team was led by Senior Managing Director Aldon Cole and Analyst Ben Choromanski.​​​​

"Otay Business Park represents an exceptional opportunity to capitalize on the unprecedented growth in U.S.-Mexico trade and the strategic advantages of near-shoring," said Cole. "The project's proximity to the new border crossing and direct highway access positions it to capture significant demand from companies seeking to optimize their supply chains and reduce cross-border transit times."

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Elevation Land Company is a commercial real estate investment and operating venture focused on opportunistic acquisitions. Company founder Brig Black is an industry veteran and proven deal maker in commercial real estate investment, development and management. www.elevation-land.com.

Crow Holdings is a leading real estate investment and development firm founded in 1948 and based in Dallas, Texas. With 18 offices across the U.S., Crow Holdings’ local, on-the-ground presence amplifies its hands-on capabilities across a broad range of investment strategies, product types, and ventures in partnership with institutional investors. Crow Holdings has $32 billion in assets under management, one of the largest multifamily and industrial development platforms in the nation, investments across the energy sector including solar and battery storage projects, and a broad, diversified investment portfolio, pursuing compelling investment opportunities to capitalize on evolving, secular growth potential. For over 75 years, Crow Holdings’ success has been rooted in its founding principles of partnership, collaboration, and alignment of interests, and the company continues its legacy of looking forward. For more information, please visit: www.crowholdings.com.