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JLL completes sale of The Pinnacle, a five-story Class A office building
SAN DIEGO, June 20, 2018 – JLL's Capital Markets experts completed the sale of The Pinnacle, a 110,110-square-foot, 93 percent leased Class A office building at 10920 Via Frontera in San Diego's Rancho Bernardo submarket. The buyer is a venture between Southern California value-add investor Harbor Associates and Denver-based real estate private equity firm Ascentris.
Senior Managing Director Lynn LaChappelle, Managing Director Bob Prendergast, Vice President Sach Kiriplani and Associate John Morrison handled the sale on behalf of the seller, The Muller Company.
"This property was attractive to buyers because of the opportunity to buy, at a significant discount to replacement cost, solid in-place income from credit tenants as well as the potential to add value over time through capital improvements and an aggressive leasing program," said LaChapelle.
Built in 2007, The Pinnacle's current tenants include Charles Schwab, Shopcore and the State of California. The Property is located in Rancho Bernardo, one of San Diego's foremost technology, defense and corporate headquarter submarkets. Easily accessible to the area's major transportation arteries, the Property is within five miles of almost seven million square feet of retail amenities.
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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