SAN DIEGO, CALIF., August 23, 2023 – JLL announced today that San Diego Gas & Electric has signed a lease for a seven-acre industrial outdoor storage site located at 12211-12215 Highway 67 in Lakeside, California. San Diego Gas & Electric will use the space for the city’s Utility Undergrounding Program, specifically storage and distribution of safety materials and equipment, electric line, gas line and other pipeline infrastructure.
“Following our entrance into the San Diego market with the acquisition of this property in September 2022, we executed our business plan by stabilizing and re-tenanting the property,” said Matt McNutt, Alterra IOS Senior Vice president of Industrial Acquisitions. “We are actively looking to acquire additional sites in key markets like San Diego that fit our business strategy.”
JLL’s Blake Rodgers along with Kerry Schimpf and Cameron Czubernat of Commercial Properties Group represented the landlord Alterra IOS. San Diego Gas & Electric was represented by Matt Weaver and Dan Gaston.
“San Diego Gas & Electric was attracted to the property’s heavy industrial zoning and functionality of both warehouse and office space with a large amount of excess yard acreage for outdoor storage as well as location that provides the ability to service the entire county in an efficient manner.” said Blake Rodgers, JLL Vice President. “We continue to see strong demand for industrial outdoor storage sites in highly populated markets like San Diego.”
Rodgers went on to say “Alterra IOS is the largest owner/operator in the Industrial Outdoor Storage asset class. They are very bullish on the market here in San Diego and will continue to grow and expand their portfolio nationally.”
Ideally located with immediate access to State Route 67 freeway, the property features graded, fenced and secured yards, outdoor storage for equipment and materials, and M-58 zoning- the only designation allowing outside manufacturing by right.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
