Northridge Summit in San Diego trades for $76.1M
JLL Capital Markets led sales efforts for the fully leased, Class A office building in the Scripps Poway Parkway submarket
SAN DIEGO, April 28, 2022 – JLL Capital Markets announced today that it has closed the $76.1 million sale of Northridge Summit, a Class A, single tenant office building totaling approximately 130,000 square feet in San Diego, California.
JLL marketed the property on behalf of the seller, Davlyn Investments. The asset was purchased by DivcoWest.
Northridge Summit is located at 12220 Scripps Summit Dr., in the Scripps Poway Parkway submarket along the I-15 Corridor of San Diego. The I-15 Corridor is home to many of San Diego’s technology and corporate headquarters. Additionally, the submarket is adjacent to the STEM worker housing communities of choice, including Carmel Valley and Rancho Bernardo.
Northridge Summit features highly desirable 43,000-square-foot rectangular floorplates, one level of below grade parking, charging stations and a lush exterior courtyard. Northridge Summit is 100% leased to an AA+ rated technology company. The property is highly visible from the I-15 freeway and is proximate to numerous shops located within the Scripps Ranch Marketplace.
The JLL Capital Markets team representing the seller was led by Managing Directors Nick Psyllos and Lynn LaChapelle and Associate Kurt Luedtke.
JLL 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 sales and 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.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Davlyn Investments
Davlyn Investments is a San Diego-based owner/operator of office buildings, industrial developments and apartment communities located throughout California, Arizona and Nevada. Since its founding in 1993, the firm has acquired over $1.7 billion in real estate assets. The company is headed by Jon Williams and Paul Kerr.