MOB REIT picks up San Diego medical office for $37.35M
JLL Capital Markets represented Virtus Real Estate Capital and Coast Income Properties in the transaction
SAN DIEGO, Jan. 14, 2021 – JLL Capital Markets announced today that it has closed the $37.35 million sale of Torrey Hills Medical Plaza, a 47,596-square-foot, Class A medical office building and attached parking garage in San Diego, California.
Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road featuring an exclusive connected two-level parking garage within the Vons-anchored Torrey Hills Center. The property is in the highly affluent Carmel Valley submarket within minutes of UCSD’s 364-bed Jacobs Medical Center, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and Scripps Green Hospital. Completed in 2005, the two-story building is 91 percent leased and anchored by Fresenius Medical Care. Additionally, this location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego.
The JLL Healthcare Capital Markets team representing the seller was led by Managing Directors Andrew Milne and Evan Kovac and Vice President Trent Jemmett as well as JLL’s San Diego Healthcare Markets team led by Paul Braun and Kelly Moriarty.
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 sales 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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 18 years, it has acquired 245 properties for a combined acquisition value of over $4.4 billion and has fully realized 180 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit virtusre.com.
About Coast Income Properties
Coast Income Properties, Inc. is a San Diego, California-based real estate development company that specializes in developing, acquiring, and managing premier real estate projects in Southern California. Founded in 1979, the Company has been a leader in San Diego’s commercial real estate and development community for over 40 years. For more information on Coast Income Properties, please visit: coastincome.com.