JLL closes the $17.15M sale of 4th & Lewis, the second medical office building to trade in the past two weeks
SAN DIEGO, Jan. 20, 2021 – JLL Capital Markets announced today that it has closed the $17.15 million sale of 4th & Lewis, a 22,461-square-foot, four-story medical office building in San Diego, California.
JLL marketed the property on behalf of the seller, Coast Income Properties. A publicly traded, healthcare real estate investment trust purchased the asset. This is the second JLL-led, medical office building sale from Coast Income Properties to the REIT in the past two weeks.
4th & Lewis is in the heart of the affluent Hillcrest submarket of San Diego at 330 Lewis Street and includes an 89-stall subterranean parking garage. The medical office building benefits from its strategic location bordering the campus of the 482-bed Scripps Mercy Hospital and a few blocks from the 390-bed UCSD Medical Center, both in the process of extensive multibillion-dollar redevelopments. Additionally, the asset is proximate to SR-163 providing regional connectivity to the 8, 5, 805 and 15 Freeways.
Since completion in 1993, 4th & Lewis has been fully leased to Regents University of California – San Diego Health on an absolute triple net lease.
Representing the seller was JLL’s Healthcare Capital Markets Team led by Managing Directors Evan Kovac and Andrew Milne and Vice President Trent Jemmett as well as JLL’s San Diego Healthcare Team led by Paul Braun and Kelly Moriarty.
“4th & Lewis generated tremendous interest from a variety of investors, ranging from public REITs, family offices and institutional core funds,” said Kovac. “In addition to the blue-chip healthcare tenant, the location of the property is ‘main on main’ in the densest, infill area of San Diego from a medical office perspective.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Coast Income Properties
Coast Income Properties, Inc. is a San Diego, California-based real estate development company that specializes in developing, acquiring, and managing premier real estate projects in Southern California. Founded in 1979, the Company has been a leader in San Diego’s commercial real estate and development community for over 40 years. For more information on Coast Income Properties, please visit: www.coastincome.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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