Hines-J.P. Morgan JV Secures $188M Loan for Office Campus
- Sep 07, 2012
Hines and J.P. Morgan Asset Management have secured senior financing worth $188 million from Wells Fargo for its La Jolla Commons office campus in San Diego’s University Town Centre district, according to the San Diego Business Journal.
Arranged by Jones Lang LaSalle Inc.’s capital markets division, the loan provides debt and construction financing for the campus, where Hines is developing a 415,000-square-foot office building (pictured). Scheduled for completion in 2014, the building is fully leased to LPL Financial, which will consolidate operations from multiple local offices. LPL Financial’s lease is one of the largest ever in San Diego.
La Jolla Commons also includes a 13-story, 300,000-square-foot office building completed in 2006 by Hines and its capital partner, TIAA-CREF. Hines said in January that it had recapitalized the property by selling it to a new joint venture that includes both Hines and J.P. Morgan Asset Management.
In other news, a 29,325-square-foot building in Britannia Industrial Park fetched $2.3 million for the seller, PCCP SG Kearny Otay BIP I LLC. Barragan Family Trust, the new owner, will occupy the property and operate it as the Box Company. Located on a 1.9-acre site, the property was completed in 2008. Cassidy Turley and Dare Real Estate arranged the transaction.