Cushman & Wakefield (C&W) says it has brokered the sale of Summit Pointe, a 146,626-sq. ft. creative corporate office campus on 20.95 gross acres in San Diego. The property is also entitled for the development of approximately 175,000 sq. ft. of additional office space.
The existing building is situated on an 11.46-acre parcel and the future development site on a 9.49-acre parcel. Approximately 68 percent leased at the time of sale to a single tenant, the campus has been acquired by an undisclosed partnership for $68.35 million.
The seller was Newport National Corporation, a vertically integrated real estate company based in Carlsbad.
“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 and now represents a premier workplace environment,” said Brad Tecca, C&W executive director, Capital Markets. “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.”
“The totality of the improvements made by Newport National were purposely designed and positioned to support the expansion capabilities of Summit Pointe Phase II,” he said.
Located at 10641 Scripps Summit Ct., the existing four-story building was originally developed in 2000 and completely repositioned in 2018 undergoing extensive interior and exterior renovations.