JLL completes sale of 37,000 SF San Diego medical office building
JLL Capital Markets led the sales efforts for 450 4th Ave, which is on the campus of the Scripps Mercy Hospital Chula Vista
SAN DIEGO, July 9, 2024– JLL Capital Markets announced today that it has completed the sale of 450 4th Ave., a nearly 37,000-square-foot medical outpatient building in Chula Vista, California.
JLL’s Medical Properties Group represented the seller, Turner Impact Capital, and procured the buyer, Cypress West Partners in a joint venture with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG.
450 4th Ave. is located on the campus of the 173-bed Scripps Mercy Hospital Chula Vista. The property serves the broader southern San Diego area and is conveniently located between the 5 and 805 Freeways.
Renovated in 2015, the four-story property is currently leased to 12 tenants, including anchor tenant Scripps Health.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Director Matt DiCesare and Senior Managing Director Evan Kovac.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Turner Impact Capital
Turner Impact Capital is one of the nation’s largest and fastest-growing social impact investment firms, positioned to invest over $5.0 billion since founding to develop real estate solutions that address daunting societal challenges across the U.S. For more information, please visit: turnerimpact.com/healthcare
About Cypress West Partners
Cypress West is a vertically-integrated, owner-operator focused on acquiring, developing and operating institutional quality healthcare real estate throughout the United States. Based in Orange County, CA and Dallas, TX, the firm is led by its two founders, Chris Cumella and Jeff Johnson, and principals Eric Minor, Ed Hernandez, and Sam Clark who are responsible for leading a large, diversified portfolio of healthcare real estate with decades of experience underwriting medical properties. For more information, please visit: cypresswestpartners.com.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $224 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit tpg.com.