North Palisade Partners Secures $71.25M for Santee Industrial Project

North Palisade Partners has secured $71.25 million in acquisition and construction financing from ACORE Capital for its Palisade Santee Commerce Center development in Santee, California. The developer acquired the 13.4-acre infill site at 10990 North Woodside Avenue for $22.7 million. The new industrial complex, located approximately 20 miles northeast of Downtown San Diego, will encompass two buildings totaling 290,618 square feet and include 296 parking spaces.

According to Dimitar Goulev of ACORE Capital, the project addresses a critical need for high-quality industrial space in San Diego County, where new development has been scarce and the industrial vacancy rate in the eastern part of the county stands at a low 1.5 percent. Demand is particularly strong for industrial tenants seeking 50,000-square-foot spaces across various sectors, including warehousing, distribution, and light manufacturing. Cushman & Wakefield, with a team led by Rob Rubano, Brian Share, and Joe Lieske, negotiated the debt. The Palisade Santee Commerce Center is slated for completion in late 2027, offering a significant new supply of industrial product to a constrained market.