Otay Business Park completes 612,240 SF Phase I

What's happening

Elevation Land Company and a fund advised by Crow Holdings Capital completed Phase I of Otay Business Park in San Diego's Otay Mesa submarket in late August 2026. The phase totals 612,240 square feet across four buildings: 203,000, 233,880, 95,400 and 79,760 square feet, with a combined 115 loading docks.

Construction began in September 2025, funded in part by $102.4 million in construction financing from New York Life Real Estate Investors, arranged by JLL. At full buildout the 119-acre campus is planned for about 1.8 million square feet, running from Siempre Viva Road to State Route 11 near the planned Otay Mesa East port of entry, which is expected to open in late 2027.

• Size: 612,240 SF in Phase I; about 1.8M SF planned at full buildout on 119 acres
• Developer: Elevation Land Company with a Crow Holdings Capital-advised fund
• Location: Otay Mesa, San Diego, near Siempre Viva Road and SR-11
• Status/Timing: Phase I completed August 2026; built on a speculative basis
• Cost: $102.4 million construction loan from New York Life Real Estate Investors
• Team: Dempsey Construction (GC), Ware Malcomb (architect), Cushman & Wakefield (leasing)

What it means for owners, tenants and investors

Phase I adds a block of new, mid- and large-bay space to a border submarket that serves cross-border manufacturing and logistics. Tenants gain options from roughly 80,000 to 234,000 square feet. For owners of older Otay Mesa product, new deliveries can increase competition for tenants while the market absorbs spec space.

Otay Mesa now has more than 600,000 SF of new spec industrial space to lease ahead of a new border crossing.

What to watch

Leasing announcements for the four buildings, the timing of later phases, and progress on the Otay Mesa East port of entry, which the developers cite as a long-term demand driver.

Imagery: Google Earth.