$40M acquisition financing secured for Class A office building in San Diego

SAN DIEGO, Dec. 6, 2022 – JLL Capital Markets announced today that it has arranged $40 million in financing for Northridge Summit, a 129,916-square-foot, Class A office building in San Diego, California.

JLL worked on behalf of the borrower, DivcoWest, to secure the three-year, floating-rate acquisition loan through a regional bank.

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.

Completed in 2000, Northridge Summit is fully leased to an AA+ credit technology tenant. The three-story building offers 43,300-square-foot floorplates and subterranean and surface parking.

JLL’s Capital Markets Debt Advisory team was led by Senior Managing Directors Chris Collins and Aldon Cole, Managing Director Alex Witt and Senior Managing Director Jordan Angel.

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.

JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.