La Jolla, California–based Hill Properties has sold two light-industrial buildings at 9965 Carroll Canyon Road and 9850 Businesspark Avenue in San Diego’s Scripps Ranch Business Park in an off-market transaction for an undisclosed amount to Carroll Canyon Properties LP. The two-building project consists of 27,801 square feet on a 2.1-acre corner lot one block east of I-15.
Hill had purchased the buildings as part of a nine-building portfolio in 2017. The firm sold buildings at 9855 and 9925 Carroll Canyon Road late last year.
“The advantage of a small company is the ability to pivot quickly to capitalize on market opportunities as they arise in the market,” says Jason Hill of Hill Properties. “Sale of these buildings was not part of our original business plan, but it made sense for us as well as our buyer at this time. We continue to hold five buildings within the Scripps Ranch Business Park.”
JLL’s team of Sach Kirpalani, Bob Prendergast, and Lynn LaChapelle represented the seller. “San Diego industrial properties continue to be highly sought after by investors and owner-users,” Kirpalani says. “By identifying the market’s meager sales volume through the first half of 2018, we recognized Hill Properties was in a position to capitalize on the lack of supply with the disposition of another two assets in the Scripps Ranch Business Park portfolio and were able to transact successfully on their behalf with a buyer already familiar with the assets. A great result on the heels of the previous sale.”
The buildings at 9965 Carroll Canyon Road and 9850 Businesspark Avenue were fully leased at the time of sale to Kone and Foresight Sports.