A planned Santee industrial project has secured $71.25 million in acquisition and construction financing, according to Commercial Observer.

The financing from ACORE Capital backs North Palisade Partners' ground-up construction of the Palisade Santee Commerce Center in Santee. Commercial Observer reported that North Palisade acquired the 13.4-acre infill site at 10990 North Woodside Avenue for $22.7 million from an undisclosed seller.

The project is expected to include two buildings totaling 290,618 square feet and 296 parking spaces. Commercial Observer reported the development is slated for completion in late 2027.

ACORE Capital managing director Dimitar Goulev said in prepared remarks that the site is close to major transportation corridors and that little new industrial space has been developed in San Diego County in recent years. He also cited eastern San Diego County's 1.5% industrial vacancy rate.

For Santee residents, the deal keeps a closely watched North Woodside Avenue site moving through redevelopment. The source article is Commercial Observer's Oct. 6 report on ACORE Capital's financing for the Santee project.