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News release

SAN DIEGO, CA

Carlsbad’s New Palomar Place Retail Center Sells for $15 Million


SAN DIEGO, Sept. 22, 2014 – JLL’s Capital Markets today announced Mission Equities Real Estate, Inc. has sold Palomar Place to a partnership formed by Hannay Realty Advisors and MDC Realty Advisors USA for $15 million. The property, a 15,317-square-foot neighborhood retail center in the San Diego submarket of Carlsbad, California, is located along the Pacific coast at 961 and 965 Palomar Airport Road. 

JLL Managing Directors Bob Prendergast and Lynn LaChapelle led the transaction for the team, along with Craig Killman, West Coast Retail Market Lead, and Vice President Bryan Cunningham.
“Palomar Place represents our vision to create a best-in-class retail center befitting its tenants, customers, neighbors and the community as a whole,” said Nick Foussianes, President of Mission Equities Real Estate, Inc. “We are extremely proud of its success and of the team that worked together to make it a reality.” 
Palomar Place is fully leased to a predominantly national tenant base.

Craig Hannay, President of Hannay Realty Advisors, stated, “We are delighted with our acquisition of Palomar Place. This is a brand new Class A asset that is an excellent addition to our growing California portfolio.”

JLL research show that retail vacancy stands at just three percent in Carlsbad, as compared to 4.4 percent throughout San Diego County. Average asking retail rent for Carlsbad during the second quarter of this month was $29.42, compared to the San Diego County average of $22.34.

“Palomar Place is an unusual investment opportunity; a new, premium retail center that’s fully leased by high-quality tenants in a coastal location with barriers to entry for new development,” said Prendergast.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.