JLL completes $70 million sale of Aperture Del Mar
Investor acquires 640,000 RSF fully entitled Class A office, life science real estate development site in San Diego, California
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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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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com