JLL closes $23.2 million sale of 5-building R&D/industrial park in San Diego’s Scripps Ranch submarket.

Lynn LaChapelle

SAN DIEGO, CA, Nov. 15, 2019 – JLL announced today that it has closed the $23.2 million sale of Scripps Ranch Business Park, a 94,309-square-foot, fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket.

JLL marketed the property on behalf of the seller, a partnership between San Diego-based Hill Properties and RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA). Dollinger Properties purchased the asset.

 Sach Kirpalani 

Featuring credit tenants with recently renewed leases, Ranch Business Park garnered strong interest from the investment community. 

The property comprises five freestanding R&D/industrial buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare.

 Situated on 7.54 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road, the business park is in an irreplaceable location along the Interstate 15 Corridor and accessible from all the major arterials that serve the area.

The JLL Capital Markets team representing the seller was led by Senior Vice President Sach Kirpalani and Managing Directors Lynn LaChapelle and Bob Prendergast.

Bob Prendergast

“This disposition completed a portfolio break-up strategy that began when Hill Properties/RGA acquired a larger, nine-building portfolio approximately 30 months ago,” Kirpalani said. 

“Capitalizing on a robust depth of market for well-located R&D/industrial product, the offering attracted institutional and private investors alike, resulting in a competitive process and efficient execution by a buyer with a proven track record.”

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.

Scripps Ranch Business Park, San Diego, CA

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.                                          

Contacts: 

 Sach Kirpalani, JLL Senior Vice President

Calif. License No: 0179550

Phone:  +1 858 410 6392

Email:  sach.kirpalani@am.jll.com

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852-3420

Email: kimberly.steele@am.jll.com

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jll.com
dollingerproperties.com

MetroGroup Realty Finance Secures $34.3 Million in Acquisition Financing for Office/Flex Campus in San Diego, CA

Cobham Office Campus, Kearney Mesa Submarket, San Diego, CA

SAN DIEGO, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, has successfully secured $34.3 million in acquisition financing on behalf of its client, Klein Investment Family Limited Partnership, to acquire a 132,695 square-foot, four-building office/flex campus in the Kearney Mesa submarket of San Diego, California to perfect an IRS 1031 tax deferred reverse exchange.

The office campus is 100-percent leased to Cobham Advanced Electronic Solutions, a subsidiary of global UK-based Cobham PLC, a leading technology company for the aerospace and defense industries.

 “San Diego is one of the most dynamic markets in the country and is internationally recognized as a leader in aerospace and defense,” says Patrick Ward, Founder of MetroGroup Realty Finance. “The continued growth in these industries, coupled with the region’s record low vacancy is driving tremendous investor demand to the area.”

Patrick Ward

        

Ward explains that many investors are seeking high-quality stabilized investments in markets like San Diego, which are positioned for long-term growth and are more likely to sustain economic shifts than secondary and tertiary markets.

“We have been working with the Klein’s for over twenty years,” says Ward. “In that time, they have acquired and amassed a strong, balanced portfolio of well tenanted conservatively leveraged net leased industrial properties similar to the Cobham campus.”

MetroGroup Realty Finance provided a bridge loan in the amount of $7 million and a permanent loan in the amount of $27.3 million.

“We took a unique approach to securing financing for this acquisition, and recommended combining a bridge and permanent loan,” explains Ward. “The bridge loan will provide temporary liquidity in anticipation of their selling an existing property.  Proceeds from the sale of their existing property will retire the bridge loan and complete the reverse exchange.”

Ward adds, “Our deep history and innovative approach to sourcing capital allowed us to structure the financing in a way that provided our client the opportunity to acquire an attractive investment that was available now prior to selling one of their assets.”

            

Klein Investment Family Limited Partnership plans to integrate a series of significant tenant and property capital improvements including replacing roofing and HVAC units, upgrading electrical power, fire systems, and resealing and restriping the parking lots.

Cobham aerial over campus at 404 Chesapeake Drive,
and 5775, 5785 and  5788 Roscoe Court, San Diego, CA

The office/flex complex is located at 9404 Chesapeake Drive, and 5775, 5785 & 5788 Roscoe Court in San Diego, California. 

The permanent financing was for a term of seven years amortized over twenty five years. 

The bridge loan was interest only floating over LIBOR for a term of one year.

Founded in 1983, MetroGroup Realty Finance is a private, Newport Beach-based mortgage banking company that specializes in providing capital advisory and mortgage banking services for properties throughout the United States.  

With deep experience across a variety of property types including office, retail, industrial, multi-family, mixed-use, hotel/lodging, and land, MetroGroup has established long-term relationships with well-respected capital sources, through which the firm delivers lasting results to its clients.  Additional information is available at www.metrogroupfinance.com

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

Elisabeth Manville/Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

emanville@browermillercole.com

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Consolidated Contracting Services Completes Construction of New Clinic and Urgent Care Center for San Ysidro Health Center in Chula Vista, CA

Waiting Center for Patients at San Ysidro Health Center Clinic and Urgent Care Center
678 3rd Street, Chula Vista, CA

Terry Whitaker

SAN DIEGO, CA – Consolidated Contracting Services, Inc., a leading Southern California commercial builder with offices in San Diego and San Clemente, has completed construction for the new three-story, 46,016-square-foot San Ysidro Health Center clinic and urgent care center, located at 678 3rd Street in Chula Vista, CA 91910.

The facility is set to open for patients in December of 2013.

San Ysidro Health Center purchased the building last March for approximately $12 million, before it was completely renovated to accommodate the consolidation of three of its satellite clinics – Chula Vista Family Clinic, Otay Family Health Center and South Bay Family Urgent Care Center – under one roof. 

With the new facility, San Ysidro Health Center has expanded its community health services to include behavioral health and dental services, as well as ancillary services such as digital x-rays.  The expansion increases the organization’s number of available exam rooms from about 40 to 65.

Nick Rehnberg

Nick Rehnberg of Boulder & Associates served as the project architect.  Jean Young of Young+Co., Inc., was the interior designer.

“The design goal was to create a non-institutional environment that is both uplifting for staff and pleasing to visit for patients,” said Terry Whitaker, CFO of San Ysidro Health Center.  “This new facility will actually change our entire care model to make it a more patient-centric, residential-feeling, healing experience.”

Charlie Young served as project leader for Consolidated Contracting, with Steve Viscioni as superintendent and Kim McComb as project engineer. Peter Carlson with Miyamoto International was the structural engineer, Joe Hammond of Rick Engineering Company was the civil engineer, Steve Kurtzman of Michael Wall Engineering was the electrical engineer, and Jeff Dufoe of Dufoe Consulting Engineers was the mechanical/plumbing engineer. 

Jean Young

The scope of work by Consolidated Contracting included complete renovation of the building’s interior, including structural upgrades; new electrical, plumbing, and HVAC systems; telecommunication systems; fire/safety and intrusion alarm systems; and fire sprinkler upgrades.

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

Bonnie Kutch

Director

619-299-1010

Kutch & Company

6434 Caminito Listo | Suite B-100 | San Diego, California 92111

www.consolidatedcontracting.com.