JLL closes $23.2M sale of 5-building R&D/industrial park
The San Diego property is in the Scripps Ranch submarket
SAN DIEGO, November 15, 2019 – JLL announced today that it has closed the $23.2 million sale of Scripps Ranch Business Park, a 94,309-square-foot, fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket.
JLL marketed the property on behalf of the seller, a partnership between San Diego-based Hill Properties and RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA). Dollinger Properties purchased the asset.
Featuring credit tenants with recently renewed leases, Ranch Business Park garnered strong interest from the investment community. The property comprises five freestanding R&D/industrial buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare. Situated on 7.54 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road, the business park is in an irreplaceable location along the Interstate 15 Corridor and accessible from all the major arterials that serve the area.
The JLL Capital Markets team representing the seller was led by Senior Vice President Sach Kirpalani and Managing Directors Lynn LaChapelle and Bob Prendergast.
“This disposition completed a portfolio break-up strategy that began when Hill Properties/RGA acquired a larger, nine-building portfolio approximately 30 months ago,” Kirpalani said. “Capitalizing on a robust depth of market for well-located R&D/industrial product, the offering attracted institutional and private investors alike, resulting in a competitive process and efficient execution by a buyer with a proven track record.”
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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Hill Properties is a real estate investment company focused on value-add office and industrial investments in the San Diego region. The company was founded in 2001 by Rob Hill, a former investment broker and real estate attorney, who has over 30 years of experience in the local real estate market which has led to extensive relationships with local brokers and property owners. The company prides itself on being highly selective in its acquisition process and the partners it chooses to work with. For more information, please visit hillproperties.net.
ReCap Real Estate Investments, a wholly owned subsidiary of RGA, is a commercial mortgage lender and real estate equity investor with the strength of a global reinsurer and the spirit of an entrepreneur. ReCap originates and manages a diverse portfolio of loans, with strong relative value and an emphasis on transactions between $3 million and $30 million. In addition, ReCap directly deploys capital across a diverse network of real estate equity investments of over $700 million of total invested assets to date.
Dollinger Properties is a family-owned business focused on the acquisition, through construction or purchase, of multi-tenant R&D/industrial flex, multi-family and retail properties for long-term ownership. Today, the company portfolio totals $3 billion AUM in over 70 premier properties in California consisting of more than six million square feet. Dollinger Properties is actively pursuing additional investment opportunities in order to continue growing its portfolio. Visit dollingerproperties.com for more information.