The complex, known as Chula Vista Corporate Center, is slated to rise on a 9.3-acre parcel at 3441 Main St. Design plans call for three multi-tenant buildings encompassing a total of 146,000 sf. The facilities, which will accommodate both tenants and owners/users, will contain light manufacturing, distribution/warehouse and office/industrial space. Groundbreaking is slated for later this spring with shell construction to be completed seven months thereafter.
Buchanan Street Partners has contributed $2 million in joint venture equity for the project through The Buchanan Funds. The capital, which provided 80% of the total equity retirement, was structured with a preferred return and profits participation subject to certain IRR look-back provisions tied to the timing of the sale of the project. Construction financing was provided by Bank One.
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