JLL Closes San Diego-Area Industrial Portfolio Sale
- Jan 05, 2018
JLL has completed the sale of a two-building light industrial portfolio in Scripps Ranch, Calif., in an off-market transaction on behalf of the seller. Hill Properties bought the buildings as part of a nine-building portfolio transaction. The buyer was Carroll Canyon Properties.
“Hill Properties acquired Scripps Ranch Business Park with a partial break-up strategy in mind,” said Sach Kirpalani, part of the JLLCapital Markets team that arranged the transaction, in a prepared statement. “JLL quietly marketed the Teledyne building as a one-off sale on an off-market basis and found a buyer in Carroll Canyon LLC that had an eye for the Gamma building as well. We executed the strategy for Hill Properties and set up Carroll Canyon with quality income-producing assets featuring long-term tenancy.”
JLL Capital Marktes’ Bob Prendergast and Lynn LaChapelle also assisted with the transaction.
One of the buildings was 9855 Carroll Canyon Road, a 42,947-square-foot asset leased to Teledyne, with nine years remaining on the lease term. The other building was 9925 Carroll Canyon Road, a 20,681-square-foot asset leased to Gamma Scientific, who recently extended their lease on the property for five years.
“This divestiture epitomizes Hill Properties’ mission of identifying undervalued assets,” said Jason Hill, asset manager at Hill Properties, in prepared remarks.
JLL also recently arranged the sale of two build-to-suit industrial facilities within Crossroads Commerce Center in Tampa, for a total of $21.8 million.
Image courtesy of JLL