SAN DIEGO-The Shidler Group has shed another of its San Diego assets from its eight-million-sf portfolio, having recently sold The Campus at Scripps Ranch to Horizon Christian Fellowship. The buyer has paid $12.8 million to AGRRI Scripps LLC, which is a partnership between Shidler and Angelo, Gordon & Co. Both sides were represented by Larry Jackel of CB Richard Ellis.

Located on a 9.5-acre parcel at 9850 Carroll Rd. in San Diego, The Campus at Scripps Ranch is comprised of two facilities: a single-story, 35,552-sf building that was constructed in 1979 and underwent a significant renovation in 2001; and a two-story, 42,800-sf building that was constructed in 1981. The Shidler entity acquired the complex for $7.9 million in April 2002 from US Air, which had used one facility as a crew training building and the other as a call center. During its two-year ownership, the LLC made various improvements to The Campus at Scripps Ranch. The asset was retrofitted with additional office space, some cosmetic changes were made, and the call center’s technology was updated, according to Matt Root, a Shidler partner.

Root tells that the property was vacant when the Shidler entity acquired it and was also vacant at the time of the recent sale. “The site was underutilized with only 78,000 sf of improvements and the entitlements would allow you to build 300,000 sf to 400,000 sf, so we were waiting for users to maximize the value (of the asset),” he explains. “We were down the line with several users to develop build-to-suits when we received a preemptive offer from Horizon Christian Fellowship,” Root adds.

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