HFF closes sale of three-building flex/R&D business park in San Diego
SAN DIEGO, CA – July 26, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Summit Ridge Business Park, a fully leased, institutional-quality flex/R&D business park encompassing three buildings totaling 133,841 square feet within San Diego, California.
HFF marketed the property on behalf of the seller. A private partnership managed by Miami-based Jewell Capital, LLC purchased the asset free and clear of existing debt.
Originally constructed in 2000, Summit Ridge Business Park is a three-building, high-finish flex/R&D business park located in the Sorrento Mesa submarket of San Diego. The three buildings feature high-image exterior architecture, unobstructed canyon views, abundant 22-foot clear heights and an extensive window line that provide for ideal tenant workspaces. The project is 100 percent leased to four tenants, including Inovio Pharmaceuticals, Nexus DX, Acea Biosciences and General Atomics, and is strategically located in one of San Diego’s premier innovation-centric hubs.
The HFF investment sales team representing the seller was led by senior director Nick Frasco.
"Summit Ridge Business Park represented a unique opportunity to acquire a high-quality, well-located asset at an attractive basis that offers both a durable income component and significant upside potential through near term rollover at below-market rents,” Frasco said.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.