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Eastlake Drive Chula Vista

UTEX Storage Partners Secures $23.4 Million Loan For Chula Vista Storage Development In California
FINANCEDDevelopment Site

UTEX Storage Partners Secures $23.4 Million Loan For Chula Vista Storage Development In California

$23,400,000

Building Size

Asset Type

Development Site

Closing

Oct 16, 2025

AI

The property involved in this transaction is a development site located at the South Bay Expressway & Eastlake Drive in Chula Vista, California. The asset encompasses a total of 123,582 square feet and is designated for development as Chula Vista Storage, which includes climate-controlled units, RV and boat storage, and 24-hour security.

Summary of transaction details:

Scott Wyckoff and Nathan Bennett, representing UTEX Storage Partners, engaged in securing a $23.4 million nonrecourse construction loan from a life insurance company, which was arranged by broker Brian Somoza of JLL. The facility is poised to cater to various storage needs within the local market.

Players

Brian Somoza

JLL

Broker

$382.6M

vol

25 deals

Broker
JLL
JLLBrokerage
Scott Wyckoff

Scott Wyckoff

UTEX Storage Partners

Landlord

$23.4M

vol

1 deal

Landlord
UTEX Storage Partners
UTEX Storage PartnersLandlord

Market Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.68%

Cash-on-Cash

-0.19%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93