Murphy Growth Co. has landed a $35.4 million development mortgage for Part II of its Brown Discipline Expertise Park within the Otay Mesa submarket of San Diego.
The event will embody two Class A industrial buildings totaling 203,244 sq. ft. JLL Capital Markets organized the financing, a non-recourse development mortgage, via a regional financial institution.
Scheduled for supply within the second quarter of 2023, the brand new buildings will function clear heights starting from 32 to 42 ft, 41 dock-high doorways, eight grade-level doorways, a low workplace end and ESFR fireplace safety.
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The 50-acre Brown Discipline Expertise Park is entitled for greater than 3.2 million sq. ft of constructing house. The challenge’s second section is situated on 13.8 acres. In response to Murphy Growth, the present buildings, designed for distribution and manufacturing tenants, lease from 25,000 to 229,000 sq. ft. The agency plans to develop a complete 1 million sq. ft within the park.
Situated near the U.S.-Mexico border, Brown Discipline Expertise Park is lower than 1 mile from the Brown Discipline Municipal Airport. The Otay Mesa industrial submarket is in proximity to freeway entry, a robust labor pool and a wide range of company tenants. The most important business land port of entry within the nation, Otay Mesa Land Port of Entry, can also be close by, working greater than $50 billion in annual commerce.
Murphy Growth initially constructed the park within the Eighties, reacquiring half of the property from The Panasonic Corp. of North America in 2017. Present tenants embody The Salvation Military, which has leased 85,504 sq. ft, in addition to House Depot, with a 124,233-square-foot lease, in accordance with CommercialEdge knowledge.
Senior Managing Director Aldon Cole, Managing Director Bryan Clark and Affiliate Bradley Vansant from the JLL Capital Markets Debt Advisory workforce represented Murphy Growth within the financing deal.
