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4/18/18
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A joint venture between Hill Properties and a fund managed by DRA Advisors LLC paid $33.05 mil for a 140.5k sf, institutional-quality office building in Mission Valley. The seller was an affiliate of Menlo Equities Inc, which acquired the asset in March 2010.
The seven-story building is located at 1450 Frazee, adjacent to State Route 163. The building is currently 90.6% leased to 27 tenants. Two strong credit tenants, UC San Diego and ADP, occupy over 40% of the leasable space.
1450 Frazee’s location in the live-work environment of Mission Valley is surrounded by amenities including several hotels, many restaurants and two regional malls. Situated ten minutes north of downtown San Diego, the building is close to on ramps for Interstates 5, 8, 805 and 15 and is served by the San Diego Trolley system.
Lynn LaChapelle, Bob Prendergast and Sach Kirpalani with JLL were involved in brokering the transaction.
“Our goal at Hill Properties is to acquire well-located, functional properties such as 1450 Frazee. The property is located in Mission Valley’s premier location at Friars Road and Highway 163, is within one block of the trolley station and is surrounded by retail amenities. This is truly a Class A, urban-suburban neighborhood.” said Jason Hill, a Principal at Hill Properties.
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