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News release

San Diego

San Diego central-suburban office building trades for $33M

JLL arranges sale of 1450 Frazee in Mission Valley market

SAN DIEGO, April 17, 2018 – JLL's Capital Markets experts have completed the sale of 1450 Frazee, a 140,477-square-foot, institutional-quality office building in Mission Valley, one of San Diego's leading submarkets. The property was purchased by a joint venture between Hill Properties and a fund managed by DRA Advisors, LLC. The seller was an affiliate of Menlo Equities Inc., which acquired the asset in March 2010.

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

"Menlo's attention to detail and its focus on providing a quality office environment appealed to an impressive array of tenants. Institutional investors were attracted to the quality of the rent roll combined and with the asset's strategic location in San Diego's largest submarket," said Bob Prendergast, JLL.

1450 Frazee is a seven-story office building adjacent to State Route 163. The building is currently 90.6 percent leased to 27 tenants. 

"Our goal at Hill Properties is to acquire well-located, functional properties such as 1450 Frazee. The property is located in Mission Valley's premier location at Friars Road and Highway 163, is within 1 block of the trolley station and is surrounded by retail amenities. This is truly a Class A, urban-suburban neighborhood." said Jason Hill, a Principal at Hill Properties.

1450 Frazee's location in the live-work environment of Mission Valley is surrounded by amenities including several hotels, many restaurants and two regional malls. Situated 10 minutes north of downtown San Diego, the building is close to on-ramps for Interstates 5, 8, 805 and 15 and is served by the San Diego Trolley system.

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 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

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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 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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