JLL Capital Markets has completed the $89.8 million sale of a retail collection that includes three prime single-tenant net leased assets located within the 30-acre gateway to the thriving Kearny Mesa shopping center in San Diego.
The three national tenants, with retail space totaling over 194,000 square feet, include a global discount department store, a Food 4 Less outlet and Prime Car Wash/Jiffy Lube.
JLL marketed the assets on behalf of the seller, Clarion Partners and HP Investors, and said a private investor acquired the collection of net leased assets.
The commercial properties were built in 2001 and are positioned on approximately 19 acres of the 30-acre walkway to the thriving Kearny Mesa Mall, which features dozens of the market’s most popular retailers.
“Long-term investors recognized the net retail collection’s unique underlying zoning and inherent land value that was burdened by existing leases,” said Geoff Tranchina of the sales and advisory team in JLL Retail Capital Markets Investment.
JLL also recently completed the capitalization of one of San Diego’s most prominent infill developments, closing a $203 million construction financing for Vive Lux, a 442-unit Class A multifamily community in the sub- Kearny Mesa market in San Diego.
Built in 2022, Vive Lux offers one-, two-, and three-bedroom units in an upscale development that offers a resort-sized pool and spa, 24-hour fitness center, 24-hour pool club room, a resident wine lounge and a sky deck and ocean lounge.
The development is close to downtown San Diego and San Diego’s thriving biotech hub, as well as San Diego International Airport.
“The debt market aggressively pursued (this) opportunity and maintained conditions during a volatile period in the market, which underscores the irreplaceable long-term nature of this marquee development,” said Aldon Cole, Managing Director. principal of JLL, in a press release.
The redevelopment of Kearny Mesa’s Convoy neighborhood transformed an industrial neighborhood into a cultural designation showcasing one of San Diego’s largest Pan-Asian communities.
Planners have designated the Convoy District for a makeover that will make it a more balanced and pedestrian-friendly community with the planned addition of more than 20,000 homes, according to a recently adopted 30-year community plan for the 4 400 acres.
According to a recent report in the San Diego Union-Tribunewhat locals call the Convoy Corridor, which follows Convoy Street from Ronson Rd. to Ostrow St., will be remodeled in the style of Little Italy, with residential towers mingling with shops, plazas and paseos on the ground floor. floor to create a vibrant atmosphere.