JLL Wins Multiple Honors from the San Diego Daily Transcript

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The San Diego Daily Transcript has recognized JLL multiple times in the 2014 Commercial Real Estate Deals of the Year.

Editor’s Choice: Deal of the Year
Top Industrial Sale: Second Place

San Diego Tech Center
Jay Alexander, Lynn LaChapelle, Tim Olson, Bob Prendergast, Chad Urie

 

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San Diego Tech Center is an award-winning, trophy project located in the heart of San Diego’s thriving technology hub of Sorrento Mesa. The Property is comprised of one institutional quality, one 8-story Class A office tower, eight, 1 & 2-story R&D / Office buildings, a fitness center, and theKarl Strauss Brewery & Restaurant. Tech Center totals 655,643 square feet and was 99.2% leased to a host of national and credit tenants, including Sony, Qualcomm, Combined Conditional Access, Wind River Systems, Department of Veterans Affairs, and Samsung at the time of the offering.The $256.5 million sale was a joint venture of Eastdil Secured and JLL on behalf of the buyer, Houston-based Lionstone Investments, and the seller, Beacon Capital Partners. JLL had represented the seller as the leasing agents on the project. Beacon Capital Partners paid $152.5 million for the property in April 2012. JLL will continue to handle leasing for the property.

They (Beacon Capital Partners) spent a lot of money getting the property ready (for sale), getting the buildings painted, re-landscaping and validating the entitlement for the property. There were (some) hurdles. The first one was how many investors were out there that were willing to invest over $200 million in San Diego, and then the second hurdle was how many investors out there had development expertise. I would characterize (the search process) as more of a tier approach.

Lynn LaChapelle,
Managing Director, JLL

New ownership is planning on taking it to another level and make this really one of the premier office and R&D campuses in Southern California.

Jay Alexander
Managing Director, JLL

 

Top Office Sale: First Place
701 B Street/707 Broadway
Lynn LaChapelle, Bob PrendergastPatrick Inglis

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701 B Street is a landmark 560,329 square foot Class A office building designed by WM Ware and Malcomb Architects, Inc., completed in 1982 and renovated in 1998.  701 B Street was 84% leased to a number of San Diego’s prominent financial service companies. 701 B Street offered a robust amenity package, expansive views, and excellent physical qualities including highly efficient floor plates, all of which are reflected in its enduring trend of above-market occupancy.

707 Broadway is a boutique 187,304 square foot Class B office building that was completed in 1961 and renovated in 2001. The Property was 58% leased to a number of national and regional legal, financial and technology companies. 707 Broadway offers tenants smaller and highly efficient floor plates with unobstructed 360 degree panoramic views that are unmatched in its class.

The sales assignment consisted of two buildings owned by Blackstone. The two buildings totaled 747,633 square feet and collectively were 78% leased when taken to market. The age and location of the two assets had the outward appearance of not being synergistic, however, once we were able to explain how the two buildings complimented one another on multiple levels, we were able get a number of institutional investors interested in the Portfolio.

 

Top Retail Sale: Third Place
Palomar Place
Bob PrendergastLynn LaChapelle

Palomar

JLL was engaged by Mission Equities to solicit investor interest in the acquisition of Palomar Place, a 100% net leased neighborhood retail center in Carlsbad. The sale of the Property finished a transformation from a former Pat & Oscar’s restaurant to a vibrant community retail center. The Property’s location in coastal Carlsbad, adjacent to Costco, and proximate to both Legoland and the Carlsbad Premium Outlet Center attracted nationally recognized tenants such as Wells Fargo Bank, Starbucks, GNC and AT&T to the center. JLL and the Owner worked together to expose the property to broad investor pool that extended beyond Southern California and eventually to investors outside the US.

When you look at the rent roll of long-term tenants with good credit, in front of a Costco, in an irreplaceable location, you throw it all together and mix up this collective soup, not a lot of properties end up looking like Palomar Place. Land is so valuable, and I think we’ll start to see changes of use (in the marketplace). Mission Equities had a vision to turn it in to neighborhood retail center. You can’t get a plot of dirt like this any more. So why not? Nobody else thought of it.

Bob Prendergast,
Managing Director, JLL

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