Prime Office Space in South Bay’s Millenia Development Changes Hands
- Apr 04, 2016
San Diego—Chesnut Properties has acquired 7 acres of the corporate/office component of the 210-acre Millenia master-planned community in Chula Vista, Calif., near the Mexican Border.
The price of the transaction was not disclosed, but Lee Chesnut, Chesnut principal, told Commercial Property Executive that it was at a price he believed would have been good in 1992.
“It is in one of the most pristine locations in Orange County,” he told CPE. “I am the recipient of getting the opportunity to control all of the office entitlements of Millenia and have received a substantial incentive in terms of price of land to bring on line very high-quality projects or buildings at a very reasonable price.”
The Millenia office component has entitlements for 2 million square feet of Class A corporate and office space and Chestnut has an option to acquire the balance of the 28-acre site.
According to Chestnut, grading has already begun on the first phase of Millenia Office, which is planned for two four-story office buildings totaling 318,000 square feet, a parking structure for 1,200 vehicles and a 7,000-square-foot fitness center and café complex. The first phase will also include a 40,000+-square-foot city of Chula Vista library.
The first two office buildings will be linked by a series of bridges that will allow workers easy access to the outdoors and neighboring tenants. This connectivity also enables Millenia Office to offer the first mega-sized floor plate in South County.
Ongoing improvements, such as the Tijuana International Airport Cross Border Terminal, transformation of Brown Field airport, completion of SR-905, and enlargement of both the San Ysidro and Otay Mesa ports of entry, position Millenia for rapid expansion among global market players.
“I’m bringing this project forward because it’s one of the most powerful, bi-national locations with international airport travel just 10 minutes away,” Chestnut said. “The City of Chula Vista and I are strategizing a plan that will allow us to provide major economic incentives to corporations that choose to move in Millenia. I can’t wait to get in front of companies and show them the financial packages we can offer them.”