Sunday, June 25, 2017

HFF arranges $28.5 million sale and joint venture partnership for the acquisition of Torrey Hills Medical Plaza in San Diego, CA

Torrey Hills Medical Plaza, 4765 Carmel Mountain Road, Carmel Valley Submarket,
 San Diego, CA
                                                                                                              (Photo by Bill Robinson)

Evan Kovac
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the $28.5 million sale of Torrey Hills Medical Plaza, a 44,091-square-foot, Class A medical office building in the Del Mar Heights/Carmel Valley submarket of San Diego, California.

HFF marketed the property on behalf of the seller, Torrey Pines Enterprises, LLC, and procured the buyer, Torrey Hills MOB, LLC. 

Additionally, HFF worked on behalf of the buyer in arranging a joint venture with an institutional equity investor and negotiating the assumption and modification of the existing life insurance company loan. 

Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road within the Von’s-anchored Torrey Hills Center.  This location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego. 

Additionally, the property is within minutes of UCSD’s Thornton Hospital, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and the VA Medical Center.  Completed in 2005, the two-story building is 92 percent leased and anchored by Fresenius Medical Care.  

The HFF investment sales team representing the seller was led by managing director Evan Kovac, director Nick Frasco, associate Andrew Milne and real estate analyst Trent Jemmett

Nick Frasco
HFF director Zack Holderman led the efforts in arranging the joint venture, as well as working with the current life company lender on the assumption and loan modification.

“The quality of the asset and expertise of the buyer, along with a desirable asset and high barriers to entry, enabled HFF to parallel the investment sales process and successfully capitalize this complex transaction in a condensed timeframe. 

"We are fortunate to have a dedicated medical office capital markets team working together to provide dynamic solutions for our clients.” said Holderman.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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