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SAN DIEGO, May 19, 2015 – REAlliance, LLC purchased a 27,239-square-foot medical office building in San Diego’s Kearny Mesa submarket from Daley Industrial Venture, No. 5 for $4.63 million. The property is located at 9737 Aero Drive.
JLL’s Chris Ross, Paul Braun and Kelly Moriarty and Colliers International’s Richard Lebert and Matt Zimsky represented the buyer, while Brandon Keith and Randy LaChance from Voit Real Estate Services represented the seller.
“This property is a great example of a growing trend in the market – repositioning traditional office buildings as medical office to meet a growing demand from owner-users,” said Ross. “Healthcare is a top growth industry for San Diego, and healthcare providers are recognizing the advantages of owning their real estate to control against escalating lease rates that often come with a constrained and vibrant real estate market.”
As part of their strategy for acquiring this centrally-located property, Realliance LLC (The Super Dentists) has plans to renovate and retrofit the entire building. According to Dr. Kami Hoss, CEO of The Super Dentists and managing partner at REAlliance, this space will be utilized for their corporate office and will also include the main campus for their dental assisting school and their fifth multi-specialty dental practice.
According to JLL’s recently-released San Diego Medical Office Snapshot Q1 2015 report, owner-user sale activity is at an all-time high. Sole practitioners, dentists and medical groups of all sizes have entered the market seeking opportunities to acquire real estate and control long-term costs. Vacancy in this segment of the San Diego market now stands below 10 percent.
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About JLLJLL (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 $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 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.
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