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.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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