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News release

SAN DIEGO, CA

Graymark Capital, Inc. Purchases Five-Building Campus in Carlsbad for $13.5M


SAN DIEGO, July 7, 2015 – Graymark Capital, Inc., headquartered in San Francisco, in partnership with Chicago-based Blue Vista Capital Management, purchased a 127,287 square foot, five-building creative office/R&D property in Carlsbad from an affiliate of Bixby Land Company. The property, known as @Palomar, is located at 6349 and 6359 Paseo Del Lago and 1939, 1945 & 1949 Palomar Oaks Way and rests on 10.1 acres.

JLL’s Managing Director Bob Prendergast represented the seller. Graymark Capital, which purchased the property for $13,500,000, plans to perform major interior upgrades and minor exterior improvements to elevate the campus to top-tier status within Carlsbad’s tightening market.

“This property is in close proximity to the I-5 Freeway and McClellan-Palomar Airport in a popular, retail-served established office and R&D corridor,” said Prendergast. “@Palomar offered an excellent value-added opportunity for Graymark Capital to upgrade the buildings and make them more relevant for today’s users.” The property will also add to Graymark’s expanding San Diego portfolio.

According to JLL’s first quarter office report, rent growth in Carlsbad rose 6.3 percent year-over-year, and the direct vacancy rates stood at 16.1 percent at the end of the first quarter of 2015.
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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. A Fortune 500 company 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.