Summit Pointe, a corporate office campus on 21 acres in Sabre Springs, has sold for $68.35 million.
The site includes 146,626 square-feet of corporate office space, with more than nine acres ready to be developed. The property is entitled for the development of approximately 175,000 additional square feet.
Newport National Corporation, a real estate company based in Carlsbad, sold the property to an undisclosed partnership, according to Cushman & Wakefield, a real estate services firm.
The four-story building, at 10641 Scripps Summit Court, was approximately 68% leased at the time of sale to a single tenant, a communications and technology company.
The complex was originally developed in 2000, with extensive interior and exterior renovations completed three years ago. The improvements included indoor and outdoor work and amenity spaces, drought-tolerant gardens, an outdoor amphitheater, fitness center and a fully transformed lobby entrance.
Rick Reeder and Brad Tecca of Cushman & Wakefield’s capital markets division represented the seller. Jay Alexander and Tim Olson of JLL and Chris Williams of CBRE provided leasing advising.
Tecca said “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.”
Reeder added that the purchase “provided an investor with long-term limited risk.”