{"id":1004220684,"date":"2018-04-19T04:21:20","date_gmt":"2018-04-19T12:21:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004220684"},"modified":"2022-12-08T09:43:55","modified_gmt":"2022-12-08T17:43:55","slug":"san-diego-office-asset-changes-hands-for-33m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/","title":{"rendered":"San Diego Office Asset Changes Hands for $33M"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004220696\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004220696\" data-attachment-id=\"1004220696\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/1450-frazee\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1443170270&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;18&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1450 Frazee\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1450 Frazee, San Diego&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg?w=800\" class=\"wp-image-1004220696 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004220696\" class=\"wp-caption-text\">1450 Frazee, San Diego<\/p><\/div>\n<p>A joint venture between Hill Properties and a fund managed by DRA Advisors has acquired 1450 Frazee, an office building in San Diego&#8217;s submarket of Mission Valley. JLL Capital Markets completed the sale on behalf of the seller, an affiliate of Menlo Equities.<\/p>\n<p>According to Yardi Matrix data, the property was purchased for $33 million and\u00a0DRA Advisors assumed the $20 million outstanding balance of a loan held by Guggenheim Life and Annuity Co. from 2012. Menlo Equities bought the building from Invesco Real Estate in 2010 for $18.4 million.<\/p>\n<h2>Transit-oriented<\/h2>\n<p>Located at 1450 Frazee Road, the 1982-built asset comprises 140,477 square feet across seven stories. At the time of sale, the building was 90.6 percent occupied by 27 tenants.\u00a0Notable tenants include UC San Diego and ADP, which currently occupy more than 40 percent of the leasable space, as well as Delta Dental, Johannah&#8217;s Creations, Sola Salon Studios, Diamond Electronics and DB Wealth Management Group. According to Yardi Matrix, there are three suites available to lease in the building, totaling 23,059 square feet. The building also offers 5,900 square feet of ground-floor retail.<\/p>\n<p><em>\u201cOur goal at Hill Properties is to acquire well-located, functional properties such as 1450 Frazee. The property is located in Mission Valley\u2019s premier location at Friars Road and Highway 163, is within one block of the trolley station and is surrounded by retail amenities. This is truly a Class A, urban-suburban neighborhood,\u201d<\/em> said <a href=\"https:\/\/www.commercialsearch.com\/news\/jll-closes-san-diego-area-industrial-portfolio-sale\/\">Jason Hill, principal at Hill Properties<\/a>, in prepared remarks.<\/p>\n<p>The property provides easy access to State Route 163, interstates 5, 8, 805 and 15, is 10 minutes from downtown San Diego and served by the San Diego Trolley. Several hotels, restaurants and two regional malls are also located nearby. JLL Capital Markets&#8217; Senior Managing Director Lynn LaChapelle, Managing Director Bob Prendergast and Vice President Sach Kirpalani led the team in this deal.<\/p>\n<p><em>Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL Capital Markets completed the sale of 1450 Frazee on behalf of the seller, Menlo Equities. At the time of sale, the building was 90.6 percent occupied by 27 tenants.\u00a0<\/p>\n","protected":false},"author":746,"featured_media":1004220696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1608,15],"tags":[33919,35272,32796,33084],"class_list":["post-1004220684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-san-diego","category-west","tag-dra-advisors-llc","tag-hill-properties","tag-jll","tag-menlo-equities"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Diego Office Asset Changes Hands for $33M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego Office Asset Changes Hands for $33M\" \/>\n<meta property=\"og:description\" content=\"JLL Capital Markets completed the sale of 1450 Frazee on behalf of the seller, Menlo Equities. At the time of sale, the building was 90.6 percent occupied by 27 tenants.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-19T12:21:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:43:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/\",\"name\":\"San Diego Office Asset Changes Hands for $33M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\",\"datePublished\":\"2018-04-19T12:21:20+00:00\",\"dateModified\":\"2022-12-08T17:43:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/1450-Frazee.jpg\",\"width\":800,\"height\":620,\"caption\":\"1450 Frazee, San Diego\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/san-diego-office-asset-changes-hands-for-33m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"San Diego Office Asset Changes Hands for $33M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. 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