Summit Pointe, a 20,95-acre creative office property in San Diego, has traded hands for $68.4 million. The property is has a four-story, 146,626-square-foot office building and entitlements for an additional 175,000 square feet of office space. It was 68% leased at the time of the sale.

Located at 10641 Scripps Summit Ct., the property is a unique find. The seller, Newport National Corp., recently completed a multi-million renovation to modernize the existing office building with a focus on creating an employee experience with Zen Botanical Gardens, an outdoor amphitheater, kitchen area, shaded seating and an indoor/outdoor fitness center. In addition, the development potential creates strong upside at the property. Newport National Corp. completed the building renovations to support the second phase of development. Newport National Corp. acquired the site in 2017 for $31.4 million from HD Supply affiliate Maintenance Warehouse.

Rick Reeder and Brad Tecca of Cushman & Wakefield represented Newport National Corp. in the deal with Jay Alexander and Tim Olson of JLL and Chris Williams of CBRE advising the seller on leasing. The unnamed buyer was self represented. According to Reeder, this property offered the tenant a stable long-term investment with limited risk.