Exclusive: BlackRock Provides $103M for San Diego Property
The financing retires a 2023 construction loan.
Chesnut Properties has obtained a $103 million loan backed by Gillespie Field iPark, a 362,880-square-foot industrial property in El Cajon, Calif., within the San Diego metro area, according to Yardi Matrix.
A BlackRock debt fund provided the note that replaces a $91 million construction loan issued by 3650 Capital in December 2023, in a deal arranged by Gantry Inc. The previous debt was to mature at the end of this year.
Gillespie Field iPark occupies approximately 32 acres at 1756 Weld Blvd. The Class A facility, the largest of its kind in the city’s history, came online in 2024 as a built-to-suit for global aerospace supplier GKN Aerospace, but it also comprises speculative distribution space.
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The industrial building features 30- to 32-foot clear heights, four grade-level doors, 64 loading dock doors and an office build-out component. The property also includes EV charging stations, rooftop solar panels, 454 vehicle parking spaces and excess land available for an additional 115 trailer parking spots.
GKN Aerospace occupies 158,328 square feet at Gillespie Field iPark, with its lease set to expire in 2034, the same data provider shows. JLL Vice President Greg Moore and Senior Managing Director Joe Anderson are handling leasing for the property, according to the company’s website.
The facility is close to Gillespie Field airport and Interstate 8, neighbors including Costco Wholesale, Lowe’s, Best Buy and Walmart. Downtown San Diego and the city’s international airport are both within 18 miles of the property. Additionally, the location is in an area with quick freeway access to Port of Los Angeles and Port of Long Beach, Calif., as well as to the Mexico border.
Recent industrial lending flow
The lending momentum during the third quarter of the year was at its highest level since 2018, according to CBRE. Among property types, industrial ranked second after multifamily with $24 billion in lending volume, marking a 2 percent drop year-over-year.
Recent financing transactions include Brookfield Asset Management’s $725 million CMBS deal. Proceeds refinance a 3.5 million-square-foot industrial portfolio spread across seven states.
Last month, 2020 Acquisitions secured a $654 million mortgage from Madison Realty Capital to refinance and construct a portion of a nine-building industrial development in Old Bridge, N.J. Upon delivery, the campus will total 4.1 million square feet.
In Southern California, Sukut Real Properties secured $130 million in first-lien financing for a 1.1 million-square-foot portfolio, in a deal arranged by JLL Capital Markets. The 21 properties are spread across San Diego, Orange County, Los Angeles and the Inland Empire.
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