Newport Beach-based Phelan Development has paid $11.5 million for a 25-acre parcel of land in Otay Mesa for the development of a six-building, 400,000-square-foot industrial park. The land is expected to receive full entitlements in the first quarter of 2021 with construction slated to start in the second quarter of 2021.
Buildings will range in size from 35,000 square feet to 135,000 square feet and will be available for lease or sale. The buildings offer state of the art features including ESFR sprinklers, 32-foot to 36-foot warehouse clearance, high dock door counts and energy efficient designs. Development is scheduled to be completed in the first quarter of 2021.
“Phelan Development Company is excited to enter the Otay Mesa market with this purchase,” said Mike DeArmey of Phelan Development. “Otay Mesa has become one of the most dynamic markets in San Diego County and we look forward to bringing Class A industrial product to the market for lease and sale.“
The site is located at the northwest corner of the SR-125 and SR 905 interchange on Otay Mesa Road.
JLL’s Andy Irwin, Joe Anderson, Ryan Spradling and Greg Lewis represented the seller, Sunwood in the transaction. They have also been retained to market the buildings for lease or sale.