Overview

• Elevation Land Co. and a fund advised by Crow Holdings Capital secured a three-year, floating-rate construction loan of $102.4 million from New York Life Real Estate Investors.
• JLL Capital Markets arranged the financing, with Senior Managing Director Aldon Cole and Analyst Ben Choromanski leading the deal.
• Phase One comprises four warehouses totaling 612,240 square feet with 32-foot clear heights, suites divisible to 45,000 square feet, 608 parking stalls and 102 trailer stalls.
• Construction began in September 2025, with Phase One completion targeted for mid-2026 and stabilization by mid-2027, and full buildout to nine buildings totaling about 1.8 million square feet slated for late 2027.
• Cushman & Wakefield is handling leasing at the site, which benefits from proximity to State Route 11 and the planned Otay Mesa East Port of Entry, as Otay Mesa leads San Diego’s industrial pipeline despite recent metrowide softening; New York Life also recently closed a $130 million regional portfolio refinance.