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6/15/21
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Summit Pointe, a 146.6k sf creative corporate office campus situated on 20.95 acres in San Diego, sold for $68.35 mil ($466/sf). The property is also entitled for the development of approximately 175k sf of additional office space.
The existing building is situated on an 11.46-acre parcel, while the future development site is on a 9.49-acre parcel. The property was pproximately 68% leased at the time of sale to a single tenant.
Located at 10641 Scripps Summit Ct, the existing four-story building was originally developed in 2000 and completely repositioned in 2018 with extensive interior and exterior renovations. Offering a blend of indoor and outdoor work and amenity space, the campus features drought tolerant Zen Botanical Gardens that surround the campus, an outdoor amphitheater, kitchen area, shaded seating, a state of the art indoor/outdoor fitness center, and a fully transformed lobby entrance. The property is designed for San Diego’s ideal climate.
Rick Reeder and Brad Tecca with Cushman & Wakefield represented the seller, Newport National Corporation. Leasing advisory was performed by Jay Alexander and Tim Olson of JLL and Chris Williams of CBRE. The buyer represented itself in the transaction.
“This was an attractive value-add investment offering of an adaptive re-use of a traditional corporate office building set alongside San Diego’s I-15 Corridor. Newport National recently completed a multi-million-dollar renovation to modernize the campus and enhance the overall employee work experience,” said Tecca. “Furthermore, the site presents the unique opportunity for the potential development for additional substantial Class A office space to help cater to the future demand from users in key growth industries in San Diego.”
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