November 15, 2019 – JLL announced today that it has closed the $23.2 million sale of Scripps Ranch Business Park, a 94,309-square-foot, fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket.
JLL marketed the property on behalf of the seller, a partnership between San Diego-based Hill Properties and RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA). Dollinger Properties purchased the asset.
Featuring credit tenants with recently renewed leases, Ranch Business Park garnered strong interest from the investment community. The property comprises five freestanding R&D/industrial buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare. Situated on 7.54 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road, the business park is in an irreplaceable location along the Interstate 15 Corridor and accessible from all the major arterials that serve the area.
The JLL Capital Markets team representing the seller was led by Senior Vice President Sach Kirpalani and Managing Directors Lynn LaChapelle and Bob Prendergast.
“This disposition completed a portfolio break-up strategy that began when Hill Properties/RGA acquired a larger, nine-building portfolio approximately 30 months ago,” Kirpalani said. “Capitalizing on a robust depth of market for well-located R&D/industrial product, the offering attracted institutional and private investors alike, resulting in a competitive process and efficient execution by a buyer with a proven track record.”