Tuesday, April 28, 2020

JLL closes $15.31 million sale of San Diego, CA business park


Viewridge Business Parka three-building office park totaling 72,803 square feet in San Diego’s Kearny Mesa area.

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.
Lynn LaChapelle 

JLL marketed the property on behalf of the seller, California-based MIG Real Estate. Dollinger Properties purchased the asset.

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. 


Sach Kirpalani

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.

Bob Prendergast 
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


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.”

 Scott Athearn
“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.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.            

Contact:
 

Lynn LachapelleJLL Managing Director 
California License #:  00898286
Phone: +1 858 410 1216

Kimberly Steele, JLL Senior Associate, Public Relations
Phone: +1 713 852 3420

JLL closes sale of downtown Milwaukee retail collection


Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee, WI

CHICAGO, IL, April 28, 2020 – JLL Capital Markets announced today that is has closed the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee, Wisconsin.


                            Amy Sands

JLL marketed the property on behalf of the seller, C-III Asset Management. Bridge33 Capital purchased the asset.

Situated on 1.48 acres at 2551 and 2650 N. Downer Ave., the two buildings are on both the west (2551) and east (2650) sides of Downer Avenue in a walkable, amenity-rich area of downtown Milwaukee. 

The buildings are within walking distance to Milwaukee’s new streetcar, The Hop, along with several MCTS bus stops, and the buildings have immediate access to two major Interstates, Interstates 94 and 794. 

Janice Sellis

Completed in 1916, Downer East is home to a variety of service and internet-resistant tenants, including Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, CafĂ© Hollander, Downer Wine and Spirits and Robert Laurence Salon and Spa. 

Downer West was completed in 1912 and contains two multi-housing units in addition to its retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, Optix on Downer, Boswell Book Company and Starbucks. Both buildings were renovated in 2006.

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Senior Director Janice Sellis.

Clinton Mitchell 

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.


Contact:

 Kimberly Steele, JLL Senior Associate, Public Relations
Phone: +1 713 852 3420