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As exclusive sales agent, JLL is pleased to offer the outstanding opportunity to acquire the fee simple interest in Northridge Summit, located at 12220 Scripps Summit Drive, San Diego, CA (the “Subject” or “Property”), a 129,916 square foot Class A office building that is 100% leased to an AA+ rated technology company through 10/31/2022 and 10/31/2025.
Northridge Summit is positioned in the highly desirable submarket of Scripps Poway Parkway along the I-15 corridor, one of San Diego’s foremost technology and innovation centers. The I-15 Corridor is deemed San Diego’s magnet for technology and corporate headquarters with a long-standing tenant base featuring companies like Sony Electronics, Broadcom, General Atomics, Northrop Grumman, ASML-Cymer, and Teradata. Moreover, Scripps Poway Parkway is adjacent to the STEM worker housing communities of choice, Carmel Valley and Rancho Bernardo. Commuting times for the 40,000+ STEM workers are 65% lower relative to the other markets in San Diego.
The San Diego life sciences ecosystem has experienced an unprecedented acceleration since the onset of COVID-19. This is causing investors and tenants alike to begin actively seeking opportunities in peripheral submarkets to the core cluster of Torrey Pines, UTC, and Sorento Mesa & Valley. Given this, Northridge Summit is a perfect candidate for a life sciences conversion given its high-quality construction and proximity to life sciences talent.
- Perfect candidate for life sciences conversion
- 100% leased short-term credit tenancy
- High growth life sciences and technology innovation hub
- Proliferation of life sciences outside core cluster