Scripps Ranch Business Park, a nine-building industrial park located in San Diego, traded hands for $31.4 million. La Jolla, CA-based Hill Properties, in a joint venture with St. Louis-based ReCap, an RGA company, purchased the 185,738-square-foot complex from an undisclosed institutional seller.
The freestanding, single story industrial buildings are located at 9855, 9925 and 9965 Carroll Canyon Rd., 9850 Businesspark Ave., and 10060, 10070, 10080, 10090 and 10100 Willow Creek Rd. The 14-acre complex is currently fully leased to nine tenants.
JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani represented the seller. The buyer was self-represented.
JLL’s LaChapelle said, “Scripps Ranch Business Park gave investors the opportunity to acquire a fully leased complex, and add value by bringing rents to market rates as leases roll. The Scripps Ranch submarket has had a great year, and rents are expected to increase even further for well-located properties.”
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