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:
- Property Type: Development Site
- Transaction Amount: $23,400,000
- Loan Type: Construction
- Loan Terms: Four-year, floating-rate, nonrecourse
- Landlord: Scott Wyckoff & Nathan Bennett - UTEX Storage Partners
- Broker: Brian Somoza - JLL
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
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