{"id":1004601294,"date":"2022-09-01T06:48:54","date_gmt":"2022-09-01T14:48:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004601294"},"modified":"2022-12-09T02:50:38","modified_gmt":"2022-12-09T10:50:38","slug":"san-diego-project-obtains-35m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/","title":{"rendered":"San Diego Project Obtains $35M in Financing"},"content":{"rendered":"
\"\"<\/a>

Brown Field Technology Center Park. Image courtesy of Murphy Development Company<\/p><\/div>\n

Murphy Development Co.<\/strong> has landed a $35.4 million construction loan for Phase II of its Brown Field Technology Park in the Otay Mesa submarket of San Diego.<\/p>\n

The development will include two Class A industrial buildings totaling 203,244 square feet. JLL Capital Markets <\/strong>arranged the financing, a non-recourse construction loan, through a regional bank.<\/p>\n

Scheduled for delivery in the second quarter of 2023, the new buildings will feature clear heights ranging from 32 to 42 feet, 41 dock-high doors, eight grade-level doors, a low office finish and ESFR fire protection.<\/p>\n

\n

READ ALSO:\u00a0<\/strong>Why Industrial Outdoor Storage Is the New Hot CRE Type<\/a><\/p>\n

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The 50-acre Brown Field Technology Park is entitled for more than 3.2 million square feet of building space. The project’s second phase is located on 13.8 acres. According to Murphy Development<\/a>, the current buildings, designed for distribution and manufacturing tenants, lease from 25,000 to 229,000 square feet. The firm plans to develop a total 1 million square feet in the park.<\/p>\n

Located close to the U.S.-Mexico border, Brown Field Technology Park is less than 1 mile from the Brown Field Municipal Airport. The Otay Mesa industrial submarket is in proximity to freeway access, a strong labor pool and a variety of corporate tenants. The largest commercial land port of entry in the nation, Otay Mesa Land Port of Entry, is also nearby, operating more than $50 billion in annual trade.<\/p>\n

Murphy Development\u00a0originally built the park in the 1980s<\/a>, reacquiring half of the property from The Panasonic Corp. of North America<\/strong> in 2017. Current tenants include The Salvation Army, which has leased 85,504 square feet, as well as Home Depot, with a 124,233-square-foot lease, according to CommercialEdge data.<\/p>\n

Senior Managing Director Aldon Cole, Managing Director Bryan Clark and Associate Bradley Vansant from the JLL Capital Markets Debt Advisory team represented Murphy Development in the financing deal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Murphy Development will use the loan to expand its Brown Field Technology Park.<\/p>\n","protected":false},"author":3006,"featured_media":1004601295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,21742,1608,15],"tags":[44006],"class_list":["post-1004601294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-latest","category-san-diego","category-west","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nSan Diego Project Obtains $35M in Financing - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The loan will go towards Phase II construction for Murphy Development Company\u2019s Brown Field Technology Park.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego Project Obtains $35M in Financing\" \/>\n<meta property=\"og:description\" content=\"The loan will go towards Phase II construction for Murphy Development Company\u2019s Brown Field Technology Park.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-01T14:48:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:50:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Brown-Field-Technology-Center-Email.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/\",\"name\":\"San Diego Project Obtains $35M in Financing - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Brown-Field-Technology-Center-Email.png\",\"datePublished\":\"2022-09-01T14:48:54+00:00\",\"dateModified\":\"2022-12-09T10:50:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"The loan will go towards Phase II construction for Murphy Development Company\u2019s Brown Field Technology Park.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-project-obtains-35m-in-financing\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Brown-Field-Technology-Center-Email.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Brown-Field-Technology-Center-Email.png\",\"width\":800,\"height\":620,\"caption\":\"Brown Field Technology Center. 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