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

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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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