Wednesday, February 13, 2019

HFF announces $76.8 million sale and $58.9 million financing of 4-property office portfolio in San Diego, CA

                                                                                            Photo by Bill Robinson Photography 
Liberty Station, San Diego, CA
SAN DIEGO, CA –– HFF Holliday Fenoglio Fowler, L.P. (HFF) announces the $76.8 million sale of and the $58.9 million financing for four Class A office buildings totaling 181,171 square feet within the Liberty Station mixed-use development in San Diego, California.


Nick Psyllos
The HFF team marketed the property on behalf of the seller, McMillin Companies, and procured the buyer, a partnership of locally based IDS Real Estate Group and Lionstone Investments.  Additionally, working on behalf of Lionstone, the HFF team placed the 72-month, floating-rate acquisition loan with Suntrust Bank. 

Liberty Station is a preeminent mixed-use master planned development in San Diego, and the transaction comprises four separate assets located at 2280, 2468 and 2488 Historic Decatur Road and 2750 Womble Road.  

The buildings were completed between 2003 and 2006 and are 81.1 percent leased overall to a diverse tenant roster comprising legal, professional and financial services, aerospace and defense, hospitality, government and media tenants, among others. 

Liberty Station is situated within the greater 360-acre Liberty Station master plan, which includes:

 349 residential units; 347 hotel rooms (with an additional 650 hotel rooms under construction or proposed); nearly 400,000 square feet of office space; 30+ food and beverage establishments; 40+ shopping and retail stores (including grocery-anchors);

Kara Mathis

 16 health and fitness centers, 11 event spaces, a luxury movie theatre; a golf course; a nearly 100-acre park-like arts district that is home to more than 20 museums and galleries; and the High Tech School campus with more than 3,500 students in their elementary, middle and high schools.  

The property is in a high-barrier-to-entry area at the heart of the affluent Point Loma area along San Diego Bay, about 2.5 miles from the San Diego International Airport. 

Tim Wright
McMillin acquired the property in 2000 as a former naval base turned neighborhood. Liberty Station was built upon naval roots including the original Naval Training Center (NTC) that opened in 1923. 

NTC transitioned into Liberty Station and became a cultural hub of art, leisure and history — creating a timeless destination.  

Built by design, Liberty Station creates an authentic experience-encompassing beautifully landscaped promenades, restored historic buildings that have been preserved for today’s commerce, storied corridors, historic landmarks and spacious plazas.  

The project incorporates several historical structures, as well as newly-constructed office buildings that mimic and honor the existing historic architecture.

The HFF investment advisory team representing the seller consisted of senior managing director Nick Psyllos and senior associate Kara Mathis. 

HFF’s debt placement team representing the borrower included senior managing director Tim Wright and director Chris Collins.


Chris Collins
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

Founded in 1960, McMillin has more than 50 years of successful real estate investments, including land development of 16 mixed-use master-planned communities, 30,000 homes, 20 community parks, in addition to schools, shopping centers, commercial office real estate and more. 

Since its founding over 30 years ago, IDS Real Estate Group has been widely recognized for enhancing value on over $5 billion of commercial real estate.  

Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work.


CONTACTS:

NICK PSYLLOS
CA Lic. #00788060
HFF Senior Managing Director
(858) 552-7690

TIM WRIGHT
CA Lic. #00947194
HFF Senior Managing Director
(858) 552-7690

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

mcmillin.com 
lionstoneinvestments.com.

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