Jones Lang LaSalle Incorporated : San Diego-area industrial property acquisition financed
JLL Capital Markets announced today that it has arranged acquisition financing for a 78,699-square-foot industrial building at 131 W. 33rd St. in the San Diego-area community of National City, California.
JLL worked on behalf of the borrower, Unilev Capital, to place the seven-year, fixed-rate, non-recourse loan with Nationwide. The seller in the transaction was an undisclosed real estate investment trust (REIT).
131 W. 33rd St. was built in 1969 and renovated in 2002. The property is 96% leased and features 18- to 20-foot clear heights with 26 grade level doors. Positioned on 3.23 acres, the property is situated in National City, which is in the South Bay region of San Diego. 131 W. 33rd St. is located approximately one mile from the Chula Vista Bayfront Development, the largest waterfront development on the West Coast.
The tenant mix is comprised of light manufacturing, distribution and R&D users who have strong ties to the region due to its irreplaceable location near the Naval base and surrounding car dealerships. The property is divided into two types of uses: typical warehouse industrial use and industrial storage. 131 W. 33rd St. also contains approximately 3,943 square feet of office that compliments its best-in-class industrial space.
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Jeff Sause and Director Chris Collins. The off-market acquisition was led by Unilev's investment team, Co-Founder and Managing Principal Raymond Levy, Chief Investment Officer Ian Konowitch and Senior Associate Peter Berges.
'This acquisition provides us the opportunity to further diversify our portfolio, as we continue to seek multi-tenant industrial properties in supply-constrained, infill markets,' Levy said. 'Through the efforts of our acquisitions team, we identified this off-market opportunity in a very tight industrial market with less than 1% vacancy.
'Unilev's decisive and aggressive offer and our professionalism enabled us to effectuate a swift and smooth closing,' Levy added. 'We appreciate the trust that the seller put in us to perform during these uncertain economic times, and it was a pleasure working with them throughout the process. We also want to thank JLL and Nationwide for their reliable partnership on the financing side of the transaction.'
'Unilev is a valued client of the firm, so we were excited to facilitate another loan with a correspondent life company,' Sause said. 'The buyer, seller and lender were all sophisticated and, as usual, Unilev and Nationwide did what they said they would do when they said they would do it, which enabled a seamless closing.'
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Source: Market Screener
