A three-building Kearny Mesa office park has been sold for $11.2 million.
The 51,229 square-foot Futura Business Park, 9445, 9455 and 9465 Farnham St., was sold by Otay Terminal-Farnham St, LLC to Hill Properties, based in La Jolla.
Randy LaChance, Ryan Bracker and Arthur Bleier of Volt Real Estate Services represented both parties in the transaction.
LaChance, a senior vice president of Volt, said the sale “represents continued strength in the sought-after Kearny Mesa submarket.”
“With 90 percent occupancy among a diverse roster of tenants, this asset delivers immediate stable cash flow as well as a tremendous opportunity for future value creation,” LaChance said.
Hill Properties plans to renovate the property.
“Hill Properties specializes in the selective acquisition of well-located, functional properties that are poised for value creating through our proven execution,” said Jason Hill, a company principal.
“Futura Business Park meets the criteria based on its location directly off the I-15 freeway and across the street from the new Kaiser hospital,” Hill said. “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.”
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.