Cushman & Wakefield announced today that it served as the exclusive advisor to a large financial institution in the sale of Scripps Corporate Plaza, a 244,105-square-foot office campus in San Diego. The property was purchased by TriGate Capital, LLC (TriGate) in partnership with Cypress Office Properties, LLC (Cypress). The campus is located immediately east and adjacent to Interstate 15 at Mira Mesa Blvd., near Scripps Ranch Blvd.
The seller was represented by Jeffrey Cole and Ed Hernandez from C&W’s Irvine office and Michael Roberts and Brunson Howard from C&W’s San Diego office.
Scripps Corporate Plaza features a six-story Class-A office tower that was recently vacated by a large user and two low-rise buildings on 7.6 acres with a long term ground lease.
“There is now evidence of a growing number of corporate expansions and rising rental rates, which is fueling a recovery in the I-15 Corridor submarket. TriGate and Cypress saw this three-building project as a great opportunity to buy a unique value-add office campus property in an improving market,” said Jeffrey Cole, Executive Director with Cushman & Wakefield.
“Scripps Corporate Plaza is one of the largest and most prominent blocks of corporate office space in San Diego’s I-15 Corridor, and we are planning to quickly commence with significant renovations to upgrade the property’s image,” said TriGate Vice President, Jason Obenhaus. “The investment fits TriGate’s strategy of buying real estate where there is potential to add value, and we were able to buy a well located asset at a competitive basis.”
Scripps Corporate Plaza represents TriGate’s second investment with Cypress in San Diego.
TriGate and Cypress intend to redevelop the asset by adding parking and re-configuring access and visibility to the site to attract quality tenants to the campus.
“The property has suffered over the last three years given its REO status,” said Mark Wayne, principal of Cypress. “These circumstances presented an excellent opportunity to acquire the project from a lender at attractive pricing. Now our job is to successfully reposition and lease the asset.”
Ron Lack, principal of Cypress, adds “Once renovated, the property will be an attractive alternative for quality corporate users seeking convenient access, amenities, freeway visibility and quality office space for its employees.”