San Diego Office Asset Acquired Following Successful Loan Measure
- Mar 28, 2016
San Diego–NorthMarq Capital has completed a financing process for the acquisition of an upscale office building in the Scripps Ranch/Poway submarket. Managing Director Eric Flyckt arranged a $31.5 million acquisition loan on behalf of the borrower, a company sponsored by the principals of Davlyn Investments. The measure was ensured through a relationship with a CMBS lender.
Located at 12220 Scripps Summit in San Diego, the office building offers 129,916 square feet of space. Sitting on a 6.4-acre site, the multi-tenant property mostly caters to creative tenants. Northridge Summit offers large, open, creative floor plates, the largest in its asset class. The property also features underground parking with elevator access to each floor, as well as two loading docks and a storage area.
Its position near the I-15 Corridor in an area that receives solid exposure, and features strong demographics. Roughly 250,000 people live on a five-mile radius of Northridge Summit, with an average household income of over $95,000.
Buyer Davlyn Investments was formed in 1993, and has since focused on the acquisition, repositioning, management, and sale of residential and commercial assets across the state of California.