Singerman Real Estate, LLC (“SRE”), a Chicago-based real estate investment firm, announced the redevelopment of a 65,671 square foot office and R&D property, 15255 Innovation Drive, in San Diego, CA.
Chicago, Illinois (PRWEB) January 08, 2015
Singerman Real Estate, LLC (“SRE”), a Chicago-based real estate investment firm, announced the redevelopment of an approximately 65,000 sq. ft. office and R&D property, 15255 Innovation Drive, in San Diego, CA. SRE and Hill Properties (“Hill”), a locally-based investment and management company, acquired the property in Fall 2014. Hill will serve as the asset manager and property manager for the investment.
The partnership is transforming the property into a Class A creative office/R&D facility by completing lobby and façade renovations along with a full demo of the leasable space in order to better appeal to tech-oriented and R&D tenants as well as corporate headquarters users.
“We have targeted the San Diego market as an area where we want to invest across asset classes, including office, industrial, hotel, retail and senior housing. We are excited about this investment and to work with a firm that is of as high a quality as Hill on the repositioning,” said Kiley Stevenson, Vice President of Acquisitions at SRE. “We are attracted to San Diego’s growth dynamics and strong employment base and plan to remain an active investor in the market.”
15255 Innovation Drive is centrally-located in the highly sought after Carmel Mountain Ranch submarket with immediate access to I-15 and Camino del Norte, a part of a major beltway in Rancho Bernardo. The entire building will be available for lease upon completion of the repositioning. SRE and Hill have engaged Jay Alexander of Jones Lang LaSalle to handle the marketing and leasing. Smith Architects was also engaged to handle the project design.
About Singerman Real Estate:
Singerman Real Estate, LLC is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. The principals of SRE have led and sourced direct investments in real estate totaling over $2 billion. Since its formation in 2010, SRE sourced and executed, with partners, over $850 million of investments across all major property types.
About Hill Properties:
Hill Properties is a real estate company based on out of La Jolla, CA focused on office and industrial acquisitions and asset management in San Diego and select West Coast markets. Hill maximizes returns on under-performing or non-performing commercial property assets through intensive and focused asset management operations.