Home > About Our Firm > Global Offices > U.S. Offices > San Diego > Press Releases Detail

Press Releases

SHARE:

NKF Capital Markets Completes $97.1 Million Sale of a Five-Building Mixed-Use Campus in La Jolla, CA

San Diego, CA (05/17/2018)

10:00 AM

NKF Capital Markets has completed the $97.1 million sale of The Campus on Villa La Jolla, a five-building, 198,453-square-foot mixed-use campus in La Jolla, CA. Situated on 6.78 acres, the sprawling coastal asset is just west of Interstate 5 and is proximate to the Pacific Ocean.

NKF Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Ken White, and Paul Jones, and Senior Managing Director Rick Stumm represented the seller, La Jolla Village Professional Center Associates. The buyer, GPI Companies, was self-represented.

Located at 8910 to 8980 Villa La Jolla Drive, the property is 83 percent occupied and includes a three-building professional center with office and medical tenants; a newly built, state-of-the-art standalone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. Just over half of The Campus on Villa La Jolla is leased to the Regents of the University of California. The University of California, San Diego's (UCSD) main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive, connecting UCSD directly to The Campus.

"The competition for this prime coastal location was fierce as many buyers were attracted to the upside of the opportunity via lease up and repositioning, as well the tremendous scarcity of this type of for-sale product in the UTC market," said Shannon.

Howard added, "This property is primed to benefit from the $1 billion revitalization of UTC Westfield Mall, as well as the pending completion of the Mid-Coast Corridor Transit Project, and offers tenants walkable access to mass transit and world-class retail amenities."

About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.

We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.

Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol "NMRK", is a publicly traded subsidiary of BGC Partners, Inc. ("BGC"), a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol "BGCP". BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol "BGCA".

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's and BGC's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.