PCCP provided a $39.2-million senior loan to a joint venture involving Sudberry Properties for the cash-neutral refinance of California Crossing, a two-building, 45% leased, 450,000-square-foot industrial park located at 717 and 755 Harvest Rd. in San Diego. Aldon Cole of JLL marketed the financing opportunity.
California Crossing consists of two fully sprinklered, ESFR-equipped, Class A industrial buildings with 32’ clear heights, thermoplastic polyolefin roofs and LED lighting. Amazon currently leases one of the buildings, spanning 202,000 square feet. The second, 248,000-square-foot building is currently vacant.
Built in 2023, the property is within the Otay Mesa submarket at the intersection of SR-125 and SR-905, 15 miles from the San Diego CBD and 1.5 miles from the U.S.-Mexico border. The area benefits from more affordable rental rates compared to the broader San Diego market, its proximity to the border and a large labor pool, and its connectivity to San Diego’s dense population base.
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