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