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| Futura Business Park, a three-building multi-tenant office property at 9445, 9455, and 9465 Farnham Street totaling 51,229 square feet in the Kearny Mesa submarket of San Diego, CA |
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| Randy LaChance |
San Diego, CA – Voit
Real Estate Services has successfully directed the
11.2 million sale of Futura Business Park, a three-building
multi-tenant office property at 9445, 9455, and 9465 Farnham Street totaling
51,229 square feet in the Kearny Mesa submarket of San Diego, CA.
Randy
LaChance, Ryan Bracker, and Arthur Bleier of Voit’s San
Diego office represented both the buyer, La Jolla-based Hill
Properties, and the seller, Otay Terminal – Farnham
St., LLC , in the transaction.
“This sale represents continued strength in the sought-after
Kearny Mesa submarket, which benefits from San Diego’s record low unemployment
rate of 3.8 percent,” says LaChance, Senior Vice President, SIOR, at Voit Real
Estate Services.
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| Ryan Bracker |
“With 90 percent occupancy among a diverse
roster of tenants, this asset delivers immediate stable cash flow as well as a
tremendous opportunity for future value creation.”
The new owner, Hill Properties, plans to implement significant
upgrades to the property, including exterior and interior improvements, as well
as a repositioning into a more creative offering to meet current tenant demand.
“Hill Properties specializes in the selective
acquisition of well-located, functional properties that are poised for
value creation through our proven execution,” says Jason Hill, a
principal at Hill Properties.
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| Arthur Bleier |
“Futura
Business Park meets this criteria based on its location directly off the I-15
freeway and across the street from the new Kaiser hospital. After acquiring
this asset well below replacement cost, we now plan to invest significantly
into Futura in order to create a unique, state-of-the-art environment for our
tenants.”
The single-story property is designed with an
extensive glass line and multiple entry points to accommodate a variety of
suite sizes, which deepens the opportunity to build out creative suites that
attract new tenants from a variety of sectors, according to LaChance.
“San Diego County is of the most populous and
diverse economic regions in the country, fueled by biotechnology, international
trade, high tech, defense, tourism and a host of other industries,” says
LaChance.
“This
property will continue to benefit from the region’s growing economic base and
demand for creative space.”
CONTACTS:
Micaela
Fehrenbach /Jenn Quader
Brower Group
(949) 438-6262
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