Investor Acquire San Diego Area Office Building; Obtains Approval for Medical Use During Escrow Process
JLL and Colliers collaborate on unique $4.25 million transaction
SAN DIEGO, CALIF., March 01, 2020 – JLL and Colliers announced that they have completed the sale of a free-standing, 19,600-square-foot office building located at 17085 Camino San Bernardo in the Rancho Bernardo area of San Diego, California. Elite Ortho Center, LLC paid $4.25 million for the building.
During the escrow process, the buyer and seller worked with the county to get medical use allowed for the entire building.
JLL’s Chris Ross represented the buyer. Marc Posthumus of Colliers International and Nathan Hilbig of Arbor Property Group represented the seller, Littrell Properties. JLL’s Paul Braun and Kelly Moriarty are overseeing leasing at the building which is currently being renovated by the new owner. The building can accommodate a variety of requirements up to 20,000 square feet.
“The buyer plans to capitalize on a high demand for medical office space in Rancho Bernardo and 4S Ranch by converting the building from professional office to a medical office use,” said Posthumus.
Ross continued by saying “This deal came with its challenges, as it required a use deviation for medical offices. Trust and cooperation from the seller and buyer was necessary to even begin the transaction, let alone to get it done. The building will now provide much needed healthcare services to this growing area of San Diego.”
17085 Camino San Bernardo is a two-story freestanding building that is ideally located near abundant retail amenities, residential homes and schools.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.