Jones Lang LaSalle Incorporated : MOB REIT picks up San Diego medical office for $37.35M

SAN DIEGO, Jan. 14, 2021 - JLL Capital Markets announced today that it has closed the $37.35 million sale of Torrey Hills Medical Plaza, a 47,596-square-foot, Class A medical office building and attached parking garage in San Diego, California.

JLL represented the seller, Virtus Real Estate Capital and Coast Income Properties, in the sale of the property to a publicly traded real estate investment trust in the year-end transaction.

Torrey Hills Medical Plaza is located on a 2.59-acre site at 4765 Carmel Mountain Road featuring an exclusive connected two-level parking garage within the Vons-anchored Torrey Hills Center. The property is in the highly affluent Carmel Valley submarket within minutes of UCSD's 364-bed Jacobs Medical Center, Scripps Research Institute, Scripps Memorial Hospital, The Salk Institute San Diego and Scripps Green Hospital. Completed in 2005, the two-story building is 91 percent leased and anchored by Fresenius Medical Care. Additionally, this location is accessible to the 5 and 805 Freeways as well as US Route 56, providing connectivity to all areas of San Diego.

The JLL Healthcare Capital Markets team representing the seller was led by Managing Directors Andrew Milne and Evan Kovac and Vice President Trent Jemmett as well as JLL's San Diego Healthcare Markets team led by Paul Braun, Chris Ross, and Kelly Moriarty.

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 sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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