HFF has closed the sale of two Class A medical office buildings totaling 253,676 square feet in San Diego, California, as it is claimed.
HFF marketed the portfolio on behalf of the seller, Kilroy Realty Corporation. LaSalle Investment Management purchased the offering for $147.5 million.
The properties are located at 15004 Innovation Drive in Rancho Bernardo and 10243 Genetic Center Drive in San Diego. Completed in 2008, 15004 Innovation Drive is a six-story, 150,801-square-foot building that is fully leased to Scripps Health for 15 years. 10243 Genetic Center Drive, a three-story, 102,875-square-foot property, is fully leased to Sharp Healthcare for 20 years and offers the potential to expand by up to 48,300 square feet. Both lease terms include annual rent increases of three percent.
The HFF investment sales team representing the seller, Kilroy Realty Corporation, was led by senior managing directors Ryan Gallagher, Michael Leggett and associate director CJ Osbrink working in conjunction with the HFF San Diego team.
Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a real estate investment trust active in premier office and industrial submarkets along the West Coast. For over 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, greater Seattle and the San Francisco Bay Area. At September 30, 2011, the company owned 11.6 million rentable square feet of commercial office space and 3.6 million rentable square feet of industrial space.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 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, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.
RESOURCE HFF
