Skip Ribbon Commands
Skip to main content

News release

SAN DIEGO, CA

Demand for Value Added Investment Drives San Diego Deal

JLL closes $18.2 million sale of Seville Plaza


SAN DIEGO, Calif., Feb 18, 2016 – JLL’s Capital Markets experts today announced that a high barrier to entry submarket and a discount to replacement cost culminated in the sale of Seville Plaza in the Kearny Mesa submarket of Central Suburban San Diego. San Diego-based LLJ Ventures purchased the three building, 139,993-square-foot office campus located at 5469, 5471, 5473 Kearny Villa Road for $18.2 million.

JLL Managing Directors Bob Prendergast and Lynn LaChapelle represented the seller, BACM 2006-5 Kearny Office LP, in the transaction. LLJ Ventures represented itself.

“San Diego continues to be one of the top investment markets in the United States with a balanced economy benefitting international trade, education, telecommunications and leisure,” said Prendergast. “With 62 percent occupancy, LLJ Ventures will have the opportunity to significantly increase cash flow and occupancy by repositioning the asset and taking advantage of its superior location and local amenity base."

LaChapelle added, "The Central Suburban office market has been one of the strongest in San Diego County over the past 10 years. The occupancy rate for Kearny Mesa finished 2015 at a healthy 88.8 percent, slightly above its 10-year historical average.”

Developed in 1981, Seville Plaza is located on Kearny Villa Road, one block north of Clairemont Mesa Boulevard, with immediate access to State Routes 163 and 52 as well as Interstates 15 and 805.

LLJ Ventures, the private equity arm of San Diego-based LM Capital, will retain JLL’s Tony Russell, Richard Gonor and Brandt Riedman as leasing agents and will engage JLL for property management duties. The acquisition of Seville Plaza will continue LLJ Ventures’ real estate expansion and add to its $900 million in assets under management.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About LLJ
LLJ Ventures is the private equity arm of the LM Group and invests in a wide range of opportunities through allocation of equity from its clients. The LM Group is San Diego based, the group was founded in 1983, and the group manages more than $7 billion today, which is a combination of pension fund capital invested in fixed income securities (LM Capital), high net worth capital invested in public markets (LM Advisors) and private equity investments through LLJ Ventures.

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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.