Hill Properties, ReCap JV Nabs 186 KSF Industrial Park in San Diego
- May 04, 2017
Hill Properties, in a joint venture with ReCap, an RGA company, acquired Scripps Ranch Business Park, a nine-building industrial park in San Diego, for $31.4 million. JLL’s Senior Managing Director Lynn LaChapelle, Managing Director Bob Prendergast and Vice President Sach Kirpalani led the team on the transaction.
“Scripps Ranch Business Park gave investors the opportunity to acquire a fully leased complex and add value by bringing rents to market rates as leases roll,” said LaChapelle in prepared remarks. “The Scripps Ranch submarket has had a great year and rents are expected to increase even further for well-located properties.”
The 185,738-square-foot complex is located at 9855, 9925 and 9965 Carroll Canyon Rd., 9850 Businesspark Ave. and 10060, 10070, 10080 and 10100 Willow Creek Rd., just off Interstate 15. The freestanding, single-story industrial buildings are currently fully leased to nine tenants, including Siemens.
The asset is less than one mile away from Scripps Ranch Technology Park, an office campus developed by Murphy Development Co. as an extension of San Diego’s technology hub located three miles away in Sorrento Mesa district. Surrounding retail amenities include Scripps Marshall Plaza Shopping Center and Mira Mesa Market Center.
Other recent industrial real estate activity in the San Diego area includes RAF Pacifica’s 169,087-square-foot R&D facility in Carlsbad, Calif., slated for completion by next year.
Image courtesy of JLL