(EDITOR’S NOTE: According to sources familiar with the transaction, the property sold for $12.25 million, or approximately $207 per square-foot.)
SAN DIEGO, CALIF., February 14, 2022 – JLL announced today that New York-based real estate investor Sason has acquired Chesapeake Corporate Center, a two-story, 59,175-square-foot office building located at 9555 Chesapeake Drive in the Kearny Mesa submarket of San Diego, California from Chesapeake Center LP and Brown Chesapeake LLC. This is Sason’s first acquisition in San Diego.
Rebranded as Canvas on Chesapeake, Sason will begin immediately on a $1.5 million repositioning that will include a modernized façade, updated landscaping, creating indoor/outdoor work spaces off the building’s lobbies, modernizing the three lobbies, updating the elevators, lighting and other mechanical systems, installing a new roof, and developing two new spec suites (17,000 and 3,000 square feet) to accommodate users immediately.
“San Diego, and specifically the Kearny Mesa submarket, is attractive because of the sustained tenant demand and the unparalleled level of amenities and connectivity afforded by the location,” said Joshua Sason, Principal, Sason. “At Canvas, we’re targeting forward-thinking companies who value design-forward indoor and outdoor workspaces and overall wellness. We believe in San Diego and are continuing to look at growing our presence in the market with future acquisitions of properties where we can create best-in-class environments that embody the future of work.”
Leading the leasing efforts at Canvas are JLL’s Richard Gonor and Tony Russell. The office property can accommodate a wide range of users from 3,019 square feet to 17,183 square feet.
“With the growth of new life science hubs in San Diego, traditional office tenants are looking to other areas to create their own hubs of connectivity,” said Richard Gonor, JLL Executive Vice President. “Areas like Kearny Mesa, Scripps Ranch and other submarkets are primed to see increased tenant demand for office space that meets the needs of users and their employees.”
Canvas on Chesapeake is ideally located in San Diego’s most central submarket and surrounded by six major freeways, providing easy access to surrounding communities.
Sason was unrepresented on the acquisition. Brunson Howard of Newmark represented the sellers.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
