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SAN DIEGO – In what continues to be one of the most active markets in the county for new development and leasing activity, Majestic Realty Co. and Sunroad Enterprises have begun construction on the second half of their initial four-building Landmark at Otay development site located at the intersection of SR-905 and SR-125. In addition, the developers have secured 17-acres of adjacent land to expand the industrial center to a six-building park that will encompass more than 1.1 million square feet of Class-A, modern bulk warehousing and distribution facilities upon build out.
Current construction is taking place on 50 acres of the 67-acre master-planned development and includes a 240,975-square- foot building located at 1610 Landmark Road, as well as a 235,085-square-foot building at 1910 Landmark Road. Both will feature 36-foot ceiling clearance and their own 185-foot, secure truck courtyard with individual trailer storage. Each building will also deliver 51 trailer parking stalls, 40 dock-high doors, two ground-level doors with ramps and ESFR fire systems. In addition, the buildings feature Superflat warehouse floors, building-wide Clerestory windows and a prime Otay location with freeway frontage. Phase II of the project is being marketed and leased through the Colliers International San Diego team of Mark Lewkowitz, Chris Holder and Will Holder and is anticipated for completion in Feb. 2023.
“With the continued strong demand across the region, we’re excited to be able to bring these slightly larger but highly sought-after warehouse and distribution buildings featuring Class A amenities to the local market,” said Majestic Realty Co. Vice President Tom Simmons. “These buildings provide adaptability to accommodate and deliver solutions for a wide range of users who have been flooding our market in search of a product to meet their growing needs.”
With the adjacent land addition, the development team is looking to a summer 2022 groundbreaking for a two-building, Phase III component at Landmark at Otay to include a 150,000 square foot and 115,000-square-foot building.
“It was important for us, in partnership with Majestic, to deliver the highest quality buildings for Industrial users,” said Dan Feldman, president of Sunroad Asset Management. “We share a common vision of always keeping the users needs first and foremost in mind during development, and the immediate lease-up of our buildings has been a demonstration that this steadfast focus has delivered. We continue to develop in order to serve the communities of San Diego, and hope that with the future developments, we can help even more companies deliver the valuable goods and services they so desperately need.”
Current construction comes immediately following the complete prelease of the two-building Phase I development that included the 153,630-square-foot, full-building lease at 1701 Landmark Road to RL Jones Customhouse Brokers in fall 2021. Since that time, the 216,140-square-foot building at 1601 Landmark Road was fully preleased to four tenants:
· Suite 101 – Global Logistics & Fulfillment, 67,528 square feet
· Suite 201 – Exportalia, 40,435 square feet
· Suite 301 – Avanza Loop, 54,168 square feet
· Suite 401 – Terry Town, 54,009 square feet
“From our initial shared vision for Majestic Sunroad and Landmark at Otay with our partners at Sunroad, we have been working to bring the right product at the right time to Otay Mesa,” said Simmons. “That vision was on point and the market has delivered an overwhelmingly positive response to our best-in-class industrial buildings with a fast lease up on these spec products and plenty of opportunity to maintain the momentum in this important geographic market.”
About Sunroad Enterprises
Founded in San Diego in 1977, Sunroad Enterprises is a diversified holding company consisting of two distinct divisions: real estate and automotive. The company has built over 3 million square feet of Class A office space. In addition to the office developments, Sunroad developed and the 600 slip Sunroad Resort Marina, adjacent Coasterra and Island Prime in partnership with the Cohn Restaurant Group, 8,000 multifamily units in nine states, and Maderas Golf Club, ranked by Golf Digest for 4 years in a row as a top 100 Golf Course. Sunroad Enterprises has been involved in projects in California, Arizona, Nevada, Washington, Colorado, Georgia, Tennessee, South Carolina, North Carolina, and Mexico, and has earned numerous quality commendations from local, regional, and national organizations.
About Colliers International Group
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About Majestic Realty Co.
Majestic Realty Co. is the largest, privately-held developer and owner of master-planned business parks in the United States. With approximately 87-million-square-feet in its portfolio including industrial, office and retail space, as well as sports, entertainment and hospitality projects, Majestic provides real estate solutions for tenants large and small, creating jobs, tax revenue and community benefits across the country. Headquartered in southern California, Majestic has regional offices in Atlanta; Austin, Dallas/Ft. Worth and Laredo, Texas; Denver/Aurora, CO; Las Vegas; Phoenix; Portland; and Bethlehem, PA.
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