Investor sells two-building portfolio in San Diego for $16 million
JLL completes sale of single tenant office buildings leased to the County of San Diego
SAN DIEGO, Calif., September 3, 2019 – JLL’s Capital Markets team announced that it has completed the sale of two single tenant office buildings totaling 60,139 square feet in San Diego, California. The buildings, located at 8965 Balboa Avenue and 3255 Camino Del Rio South, were sold to Dollinger Properties for $16 million as part of its strategy to expand into new markets. Both buildings are 100 percent leased to the County of San Diego.
JLL’s team of Bob Prendergast, Lynn LaChapelle and Sach Kirpalani represented the seller. The buyer represented itself.
"San Diego continues to be one of the nation’s strongest commercial real estate markets with a diverse economy, job growth and strong fundamentals," said Prendergast. "This was a great opportunity to acquire buildings occupied by a strong credit tenant in two of San Diego’s most stable submarkets."
8965 Balboa Avenue is a two-story 26,914-square-foot office building located in the Kearny Mesa submarket of San Diego. It is situated between Interstate 15 and State Route 163, providing convenient access to the surrounding area.
3255 Camino Del Rio South is a two-story, 33,225-square-foot office building located in the Mission Valley submarket of San Diego. It is situated along the south side of Interstate 8 just east of Interstate 805 and features panoramic views of Mission Valley and SDCCU Stadium.
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
About Dollinger Properties
Dollinger Properties is a multi-generational family-owned business started in 1946 and headquartered in Silicon Valley that focuses on the acquisition, through either development or purchase of commercial properties, for long-term ownership. Dollinger Properties today owns and manages over 70 premier projects in California representing more than 6 million square feet of space.