HFF arranges $28.5 million sale and joint venture partnership for the acquisition of Torrey Hills Medical Plaza in San Diego
SAN DIEGO, CA – June 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged the $28.5 million sale of Torrey Hills Medical Plaza, a 44,091-square-foot, Class A medical office building in the Del Mar Heights/Carmel Valley submarket of San Diego, California.
HFF marketed the property on behalf of the seller, Torrey Pines Enterprises, LLC, and procured the buyer, Torrey Hills MOB, LLC. Additionally, HFF worked on behalf of the buyer in arranging a joint venture with an institutional equity investor and negotiating the assumption and modification of the existing life insurance company loan.
Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road within the Von’s-anchored Torrey Hills Center. This location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego. Additionally, the property is within minutes of UCSD’s Thornton Hospital, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and the VA Medical Center. Completed in 2005, the two-story building is 92 percent leased and anchored by Fresenius Medical Care.
The HFF investment sales team representing the seller was led by managing director Evan Kovac, director Nick Frasco, associate Andrew Milne and real estate analyst Trent Jemmett.
HFF director Zack Holderman led the efforts in arranging the joint venture, as well as working with the current life company lender on the assumption and loan modification.
“The quality of the asset and expertise of the buyer, along with a desirable asset and high barriers to entry, enabled HFF to parallel the investment sales process and successfully capitalize this complex transaction in a condensed timeframe. We are fortunate to have a dedicated medical office capital markets team working together to provide dynamic solutions for our clients.” said Holderman.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and 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.