Wednesday, July 26, 2017

HFF closes sale of three-building flex/R&D business park in San Diego, CA

Summit Ridge Business Park, San Diego, CA

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.

Nick Frasco
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.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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