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News release

San Diego

Hill Properties Acquires Scripps Ranch Business Park

JLL arranges $31.4 million sale of California industrial complex


​​JLL's Capital Markets experts today announced the firm arranged the sale of Scripps Ranch Business Park, a nine-building industrial park located in San Diego. Hill Properties, in a joint venture with St. Louis-based ReCap, an RGA company, purchased the 185,738-square-foot complex for $31.4 million.

Senior Managing Director Lynn LaChapelle, Managing Director Bob Prendergast and Vice President Sach Kirpalani led the JLL team on the transaction.

"Scripps Ranch Business Park gave investors the opportunity to acquire a fully leased complex and add value by bringing rents to market rates as leases roll," said LaChapelle. "The Scripps Ranch submarket has had a great year, and rents are expected to increase even further for well-located properties."

Scripps Ranch Business Park includes freestanding, single story industrial buildings located at 9855, 9925 and 9965 Carroll Canyon Rd., 9850 Businesspark Ave., and 10060, 10070, 10080, and 10100 Willow Creek Rd. The 14-acre complex is currently fully leased to nine tenants. The property sits next to Interstate 15.

Hill Properties is a La Jolla-based real estate investment company that focuses on value-add office and industrial investments in the San Diego region and continues to be in the market looking for new deals.

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 2016 alone, JLL Capital Markets completed $145 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.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.