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DivcoWest Picks Up 130k sf Office Building in San Diego

12/07/22

DivcoWest has obtained $40 mil in financing for the acquisition of Northridge Summit, a 129.9k sf, Class A office building in San Diego.

Completed in 2000, Northridge Summit is fully leased to an AA+ credit technology tenant. The three-story building offers 43.3k sf floorplates and subterranean and surface parking.

Photo: Studio512
Photo: Studio512
Northridge Summit is located at 12220 Scripps Summit Dr in San Diego’s I-15 corridor, a major tech and life sciences cluster. The bustling submarket is home to more than 121,000 residents within a three-mile radius from the property and is projected to grow to more than 126,000 residents in the next two years.

Chris Collins, Aldon Cole and Alex Witt with JLL’s Capital Markets Debt Advisory team arranged the three-year, floating-rate acquisition loan. It was funded through a regional bank.

According to JLL’s Q3 Office Outlook, San Diego ranks among one of the tightest office markets in the nation with just a 12% vacancy rate driven by the inbound migration of life sciences and tech tenants.




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