Chicago-based investment firm Singerman Real Estate LLC has teamed with Hill Properties of La Jolla to acquire a Carmel Mountain Ranch office and industrial property for $6.5 million.
A Hill Properties spokesman said the new owners plan a $2.5 million redevelopment of the 65,000-square-foot building at 15255 Innovation Drive in San Diego. The property includes office and research-and-development space.
Hill Properties is serving as the asset and property manager for the investment. The owners plan lobby and façade renovations, along with a full demolition of the leasable space, with the aim of attracting potential technology, R&D or corporate headquarters tenants.
The buyers have engaged Jay Alexander of brokerage company JLL to handle marketing and leasing, and Smith Architects to handle project design.
CoStar Group and public data indicate that the seller of the building was Palomar Pomerado Health, with the buyer and seller represented by Michael Roberts and Brunson Howard of brokerage company Cushman & Wakefield Inc.
The property was built on 3.26 acres in 1986.