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8/05/19
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Futura Business Park, a three-building multi-tenant office property totaling 51.2k sf in the Kearny Mesa submarket of San Diego, sold for $11.2 mil ($219/sf). The buyer was Hill Properties, out of La Jolla.
Located at 9445, 9455, and 9465 Farnham St, Futura Business Park is a single-story property designed with an extensive glass line and multiple entry points to accommodate a variety of suite sizes. This design is intended to bolster the opportunity to build out creative suites that attract new tenants from a variety of sectors.
Hill Properties plans to implement significant upgrades to the property, including exterior and interior improvements, as well as a repositioning into a more creative offering to meet current tenant demand.
Randy LaChance, Ryan Bracker, and Arthur Bleier of Voit Commercial Real Estate Services represented both the buyer and the seller, Otay Terminal – Farnham St LLC , in the transaction.
“This sale represents continued strength in the sought-after Kearny Mesa submarket, which benefits from San Diego’s record low unemployment rate of 3.8%,” said LaChance. “With 90% occupancy among a diverse roster of tenants, this asset delivers immediate stable cash flow as well as a tremendous opportunity for future value creation.”
“Hill Properties specializes in the selective acquisition of well-located, functional properties that are poised for value creation through our proven execution,” says Jason Hill, a principal at Hill Properties. “Futura Business Park meets this criteria based on its location directly off the I-15 freeway and across the street from the new Kaiser hospital. After acquiring this asset well below replacement cost, we now plan to invest significantly into Futura in order to create a unique, state-of-the-art environment for our tenants.”
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