Hill Properties Sells San Diego-Area Facilities
- Jul 06, 2018
Hill Properties has sold two light industrial buildings in Scripps Ranch, Calif., to Carroll Canyon Properties. The assets totaling 27,801 square feet are situated within the Scripps Ranch Business Park. The off-market transaction follows another deal that Hill closed late last year at the same location. A JLL Capital Markets team represented the seller.
The facilities are located at 9965 Carroll Canyon Road and 9850 Businesspark Ave., on a 2.1-acre corner lot and one block from Interstate 15. Tenants Kone and Foresight Sportsand fully occupy the buildings. Hill acquired the facilities in 2017 as part of a nine-building, $31.4 million portfolio sale, according to an official JLL statement.
“San Diego industrial properties continue to be highly sought after by investors and owner-users. By identifying the market’s meager sales volume through the first half of 2018, we recognized Hill Properties was in a position to capitalize on the lack of supply,” said Sach Kirpalani, vice president with JLL and one of the brokers who arranged the deal, in prepared remarks. Managing Directors Bob Prendergast and Lynn LaChapelle were also part of the team.
Image courtesy of JLL