JLL arranges $81.6M financing for Otay River Business Park in Chula Vista

SAN DIEGO, Sept. 3, 2026 – JLL Capital Markets announced today it has 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 strategically positioned just east of Interstate 5 in Chula Vista, offering 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 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.

Sudberry Properties is a San Diego-based real estate development and asset management firm with more than 40 years of experience and a portfolio exceeding 12.5 million square feet. The company has completed more than 55 developments throughout Southern California, specializing in commercial business parks, shopping centers and mixed-use urban communities.

The JLL Capital Markets team was led by Senior Managing Director Aldon Cole and Vice President Bharat Madan, along with Analyst Jenna Frakes. JLL Derivatives advised on the interest rate cap purchase.

"This financing highlights the strength of Sudberry Properties' development expertise and their ability to deliver institutional-quality product in a market benefiting from nearshoring trends and strong tenant demand," said Cole. "The flexible loan structure provided the sponsor with the capital needed to complete Phase IV while capturing the property's mark-to-market rent opportunity across its stabilized phases."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group 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.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

San Diego-based Sudberry Properties is a real estate development and management firm specializing in retail town centers, mixed-use projects, master-planned communities, multi-family, hotels, and office/industrial properties. Since its inception in 1979, Sudberry Properties has developed approximately 12.6 million square feet of commercial and residential property with a market value exceeding $2.5 billion. The privately owned company has developed more than 5 million square feet of inviting lifestyle centers and approximately 4 million square feet of office and industrial space. Sudberry Properties also has completed or is in the process of building more than 2,500 apartment units.