Scripps Wateridge
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10770 Wateridge Circle • San Diego, CA
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OFFICE/CORPORATE HQ INVESTMENT OPPORTUNITY 176,983 Sq.Ft. • Sorrento Mesa 96% Leased (70% to NNN Credit Tenant)
Scripps Wateridge • 10770 Wateridge Circle • San Diego, California 176,983 SF Building Located in Sorrento Mesa DEL MAR
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This investment is 96% leased with credit tenancy in 70% of the space with no near-term rollover, offering stable cash flow in an institutionally-owned and managed asset in the heart of the County’s most successful and active high technology submarket. • Freestanding, two-story corporate headquarters facility on a corner, secure site at a signalized
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Cushman & Wakefield of California, Inc. as exclusive advisor is pleased to offer for sale Scripps Wateridge, a two-story office/corporate HQ asset located in San Diego’s premier technology submarket, Sorrento Mesa. Comprised of 176,983 square feet on an eight acre, ocean view parcel, Scripps Wateridge offers a 4.1/1,000 parking ratio, numerous building amenities, and a tight submarket with limited large blocks of space available for lease. Its site location near new infrastructure improvements greatly enhances submarket access and positions this asset to outperform its competition and alternative investments.
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• 96% leased, tenant project with no near-term tenant rollover (first expiration in 2014).
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• Investment-grade credit tenant occupying 70% of the asset on a NNN lease. • Located on a prominent ocean view site with traffic free ingress and egress utilizing the new
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infrastructure improvements recently completed along Interstate 805, including Vista Sorrento Parkway. • Situated within the primary technology submarket of Sorrento Mesa, the asset’s location on Lusk Blvd. is readily accessible to the prestigious submarkets of Del Mar Heights, UTC and
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Torrey Pines. • Sorrento Mesa is the only submarket where both class A/B office and corporate HQ sectors 10770 Wateridge Circle
achieved positive net absorption totaling approximately 220,000 SF in 2010.
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• Over standard power, new roof, and an on-site deli/cafe including an outdoor patio area. CI
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• Recently improved common areas including primary lobby, restroom and corridor upgrades. • Significant discount to replacement cost of approximately $300 per square foot. investment summary Total Building Area............................ 176,983 SF Year Built..................................................... 1990
Parking Ratio................................ 4.1/1,000 USF % Leased...................................................... 96%
Year 1 Net Operating Income...............................................................................................$2,688,391 Year 2 Net Operating Income...............................................................................................$2,785,116 No warranty or representation, express or implied, is made as to the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.
EXCLUSIVE ADVISORS:
Jeffrey Cole
jeff.cole@cushwake.com (949) 955.7652 License 00833681
Steve Rowland
steve.rowland@cushwake.com (858) 558.5670 License 00947903
Ed Hernandez
ed.hernandez@cushwake.com (949) 930.4380 License 01048813
Michael Roberts
michael.roberts@cushwake.com (858) 558.5641 License 01460632
Cushman & Wakefield of California, Inc. License 00616335