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News release

San Diego

Jones Lang LaSalle Closes the $18.4 Sale of 1450 Frazee in San Diego

Signs of life in the investment sales market sprout with significant interest in Mission Valley Property


SAN DIEGO, MAR. 04, 2010 —Jones Lang LaSalle’s San Diego capital markets experts today announced the closing of the sale of the 140,486-square-foot office property located at 1450 Frazee Road in San Diego, California. Jones Lang LaSalle acted as exclusive representative for the seller, Invesco Real Estate, a leading independent global investment management company. The asset was purchased by an affiliate of Menlo Equities for $18.4 million.

Leading the Jones Lang LaSalle team on this transaction were Capital Markets Managing Directors Bob Prendergast and Lynn LaChapelle along with Vice President Ryan Dunigan in San Diego and Managing Director Jack Crews in Dallas.

“This offering revived a new flurry of competition for high quality assets in San Diego,” said Prendergast.  “There is clearly a high level of capital available to purchase quality assets in a prime market like San Diego.”

“This property is centrally located with excellent freeway visibility and has undergone $1.25 million in capital improvements over the past few years that transformed the lobby and common areas and added fresh appeal to the interested buyers,” added LaChapelle.

1450 Frazee is located in Mission Valley, one of the most central submarkets in San Diego. The location boasts access to all major freeways and puts tenants within 15 to 20 minutes of all of the other submarkets in San Diego. The property features many amenities including close proximity to two major shopping malls, an abundance of local restaurants and luxury hotels. It is also in near proximity to Qualcomm Stadium, Balboa Park and the San Diego Zoo, and accessible by mass transit.

Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially completed subdivisions.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
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