JLL closes $15.31M sale of San Diego business park
Dollinger Properties purchased the office property in the heart of Kearny Mesa
SAN DIEGO, Calif., April 28, 2020 – JLL Capital Markets announced today that it has closed the $15.31 million sale of Viewridge Business Park, a three-building office park totaling 72,803 square feet in San Diego’s Kearny Mesa area.
Viewridge Business Park is situated on 3.7 acres at 4711, 4715 and 4719 Viewridge Ave. in the heart of San Diego’s Kearny Mesa area, which is home to some of San Diego’s most prestigious national and international companies. The property has immediate access to most of the county’s major commuter thoroughfares, including Interstates 15 and 805 and State Routes 163 and 52. Viewridge Business Park has received $2.5 million in capital improvements over the last four years, and the two-story buildings are 93% leased to a diverse tenant mix.
The JLL Capital Markets team representing the seller was led by Managing Directors Bob Prendergast and Lynn LaChapelle and Senior Director Sach Kirpalani.
“Viewridge Business Park represented an excellent opportunity for the buyer to acquire a quality suburban office building in one of San Diego’s best-performing submarkets,” said MIG Real Estate CEO Greg Merage. “MIG continues to aggressively seek opportunities to acquire assets throughout the Western U.S and has significant discretionary capital to invest including a separate dedicated opportunity zone fund for development and redevelopment of multifamily, mixed use and industrial projects.”
“Dollinger Properties continues to expand its portfolio in San Diego,” added Scott Athearn, Dollinger Principal. “Viewridge Business Park represents our fourth acquisition in San Diego over the past 18 months. We are attracted to the underlying strength of the San Diego economy and are seeking additional purchases.”
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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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.
About MIG Real Estate
MIG Real Estate (“MIG”) is a private real estate investment firm that continues to invest directly in multifamily, office, hotel, retail, and industrial properties located in the Western U.S. and Sunbelt states. The company currently owns and operates over 10 million square feet of real estate including over 6000 multifamily units. MIG’s discretionary capital allows it to invest during these challenging times and is actively investing in ground up development, redevelopment and value add properties in qualified opportunity zones and target markets.
About Dollinger Properties
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 manages over 70 premier properties in California, representing more than six million square feet.