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News release

SAN DIEGO, CA

CNL Healthcare Properties Purchases Doctors Park at Eastlake for $15M


SAN DIEGO, Aug. 11, 2015 – CNL Healthcare Properties, based in Orlando, Florida, purchased two buildings at Doctors Park at Eastlake, totaling 31,000 square feet of rentable space, from Chula Vista, California-based Otay Lakes Partners, LLC for $15 million. The buildings are located at 959 and 971 Lane Avenue at the intersection with Otay Lakes Road in Chula Vista. Both buildings are 100 percent leased.

The 10,000-square-foot building at 959 Lane Avenue is leased to Cancer Treatment Services San Diego, in partnership with UC San Diego, and the 21,000-square-foot building at 971 Lane Avenue is leased to Scripps Health. The entire Doctors Park at Eastlake campus contains five buildings on 5.33 acres.

JLL’s Managing Directors Bob Prendergast, Lynn LaChapelle and Paul Braun represented the seller, along with JLL Senior Vice President Steve Leathers, Vice President Chris Ross and Associate John Morrison. The buyer was self-represented.

“San Diego’s South County, which includes Chula Vista, ties with the North County coastal market for having the fourth lowest medical office vacancy rate in San Diego County,” said Braun. “The county’s aging population is driving demand for outpatient medical care as health systems continue to push more procedures and services out of hospitals and into medical office buildings. Couple all of this with increasing demand from discretionary-income-based practices and the current trends of tightening vacancy and rising rents are expected to continue.”

Prendergast added, “Medical office properties have become an integral asset class for many investors. The properties attracted interest from both institutional and private investors alike, reflecting the property’s credit tenancy and high traffic location.”
According to JLL’s first quarter 2015 Medical Office Snapshot, at least four new medical office buildings are expected to break ground this year in all of San Diego County.

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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 $56.0 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.