$6.3 million sale and $4.35 million financing arranged by HFF for Vista La Jolla Corporate Center in San Diego, California,
SAN DIEGO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $6.3 million sale of and secured $4.35 million acquisition financing for Vista La Jolla Corporate Center, a 39,950-square-foot, multi-tenant office building in San Diego, California.
HFF marketed the asset on behalf of the seller, VLJ, LP. The property was purchased by J & J Properties – La Jolla, LLC, a division of J & J Real Properties, LLC. Additionally, HFF secured the 69-percent-loan-to-value, 10-year, fixed-rate acquisition loan for the buyer through a CMBS lender with two years interest-only.
Vista La Jolla Corporate Center is located at 4747 Morena Boulevard in the Rose Canyon submarket of San Diego County, near La Jolla, downtown and University Town Center. Situated on 2.05 acres just off Interstate 5, the property features prominent visibility with a traffic count of more than 200,000 cars per day. The three-story building was 88 percent leased at the time of sale to 11 tenants with a weighted average remaining lease term of more than three years.
The HFF investment sales team representing the seller was led by director Nick Frasco. J & J Properties – La Jolla, LLC was represented by Frederic Esrailian, of FTE Realty, Inc.
The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.