JLL completes $70 million sale of Aperture Del Mar

SAN DIEGO, Calif., October 29, 2019 – Gemdale USA Corporation, with Lincoln Property Company, announced that they have acquired Aperture Del Mar, a premier, fully-entitled, infill development opportunity located in the coastal, highly affluent and amenity-oriented Del Mar Heights submarket of San Diego, California.  The acquisition for the 15.72-acre property was for $70 million.

JLL’s Capital Markets team of Kevin MacKenzie, Doug Bond, Nick Psyllos, Michael Leggett and John Chun handled the transaction on behalf of the seller, an institutional investor, and buyer.  JLL’s team of Chad Urie, Tony Russell and Grant Schoneman will oversee leasing of the project. 

"This was a once in a lifetime opportunity to acquire one of the few remaining large developable parcels of land in the San Diego area,” said Brigham Black, Executive Vice President of LPC  "We are working diligently with our development and design teams as the first step to carry out our vision for this project, which will be announced in the coming weeks.”

Aperture is ideally situated within a five-minute walk to over 185,000 square feet of newly developed retail amenities, and offers exceptional visibility and approach from SR 56, providing easy access from the region’s best executive and skilled workforce housing communities.

“The Del Mar Heights office market is extremely attractive to investors because of its continued rent growth and limited supply,” said Psyllos. 

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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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