NEWPORT BEACH, Calif. – JLL Capital Markets announced today that it has closed the $89.8 million sale of a collection of three core, single-tenant net-leased assets totaling 194,303 square feet within the Gateway at Kearny Mesa retail destination in the Kearny Mesa submarket within San Diego, California.
JLL marketed the property on behalf of the seller, Clarion Partners, LLC and HP Investors. A private investor acquired the asset.
The fully leased assets are home to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 and are positioned on 18.81 acres as part of the larger, 30-acre Gateway at Kearny Mesa retail destination, which features dozens of the most popular retailers in the market.
Situated at 7215 Clairemont Mesa Blvd. and 4840 and 4995 Shawline St., the properties are adjacent to Interstate 805 and visible to more than 196,400 vehicles per day. Kearny Mesa is on the brink of a transformation that is reimaging the area as a modern, urban village. The affluent area also houses more than 292,000 residents earning an average annual income of $104,000 within a three-mile radius.
The JLL Retail Capital Markets Investment Sales and Advisory team representing the seller was led by Gleb Lvovich, Geoff Tranchina, Darcy Miramontes, Kip Malo and Bob Prendergast.
“Gateway at Kearny Mesa is a truly special property, and it was great to work with our multi-housing team to develop a strategy for the sale and thesis for the embedded value and long-term upside of the retail component,” Lvovich said.
“Long-term investors recognized the unique underlying zoning of the net-lease retail collection and the inherent land value that was being encumbered by the existing leases,” Tranchina added. “We are excited to have been a part of the tremendous project and happy for both buyer and seller.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
