LaSalle Investment Management has purchased two class-A medical office buildings totaling 253,676 sq. ft., in San Diego for $147.5 million. HFF, a national commercial real estate services provider, marketed the portfolio on behalf of the seller, Kilroy Realty Corp.
The properties are located at 15004 Innovation Drive in Rancho Bernardo and 10243 Genetic Center Drive in San Diego. Completed in 2008, 15004 Innovation Drive is a six-story, 150,801-sq.-ft. building that is fully leased to Scripps Health for 15 years. 10243 Genetic Center Drive, a three-story, 102,875-sq.-ft. property, is fully leased to Sharp Healthcare for 20 years and offers the potential to expand by up to 48,300 sq. ft. Both lease terms include annual rent increases of three percent.
The HFF investment sales team representing the seller was led by senior managing directors Ryan Gallagher, Michael Leggett and associate director CJ Osbrink working in conjunction with the HFF San Diego team.