SAN DIEGO–HP Investors, LLC announces that it has completed the acquisition with Clarion Partners of a 294,428 square-foot retail portfolio in Kearny Mesa for $107 million.
The portfolio, which was marketed by Voit on behalf of the McGrath family, is located along Clairemont Mesa Boulevard and Interstate 805. It is the first time these properties have changed ownership since being developed by the McGrath family in the early 1990’s.
The properties are situated across 29 acres and include trophy tenants such as Wal-Mart, LA Fitness, McDonald’s, Food 4 Less, Starbucks, Verizon, and Chipotle, among others.
This transaction marks the second investment that HP Investors has completed with Clarion Partners, a leading global real estate investment manager headquartered in New York. In late 2013, the partnership acquired Gaslamp Square, a full-city block retail property and parking garage located along 5th Avenue in the heart of Downtown San Diego’s famed Gaslamp Quarter.
“The premier location and excellent tenant roster position these properties for success through market cycles,” said Sumeet Parekh, Managing Partner at HP Investors. “We are fortunate to have a strong partner in Clarion that aligns well with our investment strategy and values our market knowledge and expertise. We look forward to another successful long-term venture.”
This acquisition represents one of the largest retail sales transactions in San Diego in the past seven years. It is HP Investors 7th property acquisition in the past 6 months.
Clarion Partners and HP Investors have hired John Jennings and Aaron Hill of Cushman Wakefield to market the portfolio for lease.
HP Investors HP Investors specializes in the investment and development of commercial real estate. The firm identifies long-term, risk-adjusted opportunities across retail, office and mixed-use property types in infill markets along the West Coast. HP Investors strives to create value not only for its investment partners, but also the neighborhoods and communities in which it invests.