A joint venture that includes La Jolla-based Hill Properties has acquired a nine-building industrial park in Scripps Ranch for $31.4 million, according to CoStar Group and brokerage firm JLL.
CoStar Group reported that the sellers of Scripps Ranch Business Park, totaling more than 186,000 square feet of industrial and “flex” space on Carroll Canyon and Willow Creek roads and Businesspark Avenue, were two entities affiliated with the Los Angeles County Employees Retirement Association, a pension fund based in Pasadena.
The selling entities are recorded as Gateway Colorado Properties Inc. and CalWest Industrial Properties LLC, both based in San Francisco.
A statement from JLL, which did not disclose the sellers, said Hill Properties acquired the business park in a joint venture with St. Louis-based ReCap, which is part of Reinsurance Group of America (RGA).
The sellers were represented by JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani. Brokers said the 14-acre business complex is located near Interstate 15 and was fully leased to nine tenants at the time of sale.
According to CoStar Group, most of the buildings in the complex were constructed during the 1970s, with one completed in 1980.