 |
| Lynn LaChapelle |
SAN DIEGO, CA, May 10, 2022 – JLL Capital Markets has closed the $25.30 million sale of Willow Creek Corporate Center, a three-story office building totaling 121,415 square feet in the Scripps Ranch submarket of San Diego, California.
Sason
purchased the asset, it’s second acquisition in San Diego in the past three
months.
 |
| Willow Creek Corporate Center, renamed Canvas on Willow, San Diego, CA |
Rebranded
as Canvas on Willow, Sason will begin immediately on a $2 million
repositioning that will include constructing a new tenant lounge and
fitness center complete with rollup doors and access into the courtyard,
completely modernizing the building’s central courtyard to create an
indoor/outdoor environment for tenants to work, relax and enjoy, updating the
HVAC system and controls and modernizing bathrooms throughout the asset.
 |
| David Rottenberg |
“San Diego’s I-15 Corridor continues to be a growing business hub with a diverse tenant mix and strong labor pool,” said David Rottenberg, Principal, Sason.
“At
Canvas on Willow, we’re creating a more dynamic indoor/outdoor work environment
which appeals to the new generation of employees, fostering creativity, energy
and collaboration.”
 |
| Richard Gonor |
The office property can accommodate a wide range of users from 3,019 square feet to 17,183 square feet.
“San
Diego’s I-15 office submarket has been resilient since the start of the
pandemic,” said Gonor, JLL Executive Vice President. “Companies are
looking for new and redeveloped properties that appeal to their employees.”
Canvas
on Willow is located on 6.06 acres close to the Scripps Ranch Technology Park
and the 15 Freeway in the 1-15 Corridor of San Diego.
 |
| Tony Russell. |
Partially renovated in 2020, the asset features three 40,000-square-foot floorplates.
On-site
amenities include private balconies, an interior courtyard and lockers and
showers on the ground floor.
The
asset was 71% leased to 10 tenants when Sason entered into contract and through
creative leasing efforts led by JLL, occupancy increased to 100% across 12
tenants by closing.
JLL Capital Markets led by Managing Directors Bob Prendergast and Lynn LaChapelle marketed the property on behalf of the seller, a joint venture between Harbert Management and Cypress Office Properties.
“The
sale represents a well-timed execution by both Buyer and Seller as investors
continue to place San Diego among the top tier markets in the country,”
commented LaChapelle.
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
Bob Prendergast
The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.
The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.For more news, videos and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
CONTACT:
Kristen Murphy
JLL Director
Public Relations
Phone: +1
617 848 1572
Email: Kristen.Murphy@am.jll.com
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