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JLL closes $4 million acquisition of 5776 Ruffin Road in San Diego, Calif.
SAN DIEGO, Calif., May 18, 2016 – JLL's Healthcare Practice Group experts today announced that location and strong market fundamentals in healthcare real estate culminated in the acquisition of 5776 Ruffin Road in San Diego, Calif. San Diego-based 2100 Fifth Avenue, LLC purchased the 10,976-square-foot medical office building for $4 million.
JLL Healthcare Practice Group members Paul Braun and Chris Ross represented the buyer. The seller, AMEN Ruffin Road, LLC, was represented by Don Mitchell and Ryan Mitchell of Cresa San Diego.
"With 7.8 percent countywide vacancy and steady rent growth, investors continue to be attracted to well-located medical office buildings in the San Diego area," said Ross. "Healthcare providers are actively looking for ways to improve accessibility to patients, ensuring continued demand for centrally-located healthcare facilities."
Ross continued by saying, "Medical office sales in San Diego County exceeded $167 million in 2015, up from $133 million in 2014 and on par with the record volumes posted in 2012 and 2013."
5776 Ruffin Road is located just minutes from most of the city's major freeways, providing convenient access to surrounding San Diego County communities.
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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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 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 $58.3 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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