JLL Capital Markets led the financing efforts for Northridge Summit, which is fully leased to a AA+ credit tech tenant
News release
06 December 2022
$40M acquisition financing secured for Class A office building in San Diego
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
SAN DIEGO, Dec. 6, 2022 – JLL Capital Markets announced today that it has arranged $40 million in financing for Northridge Summit, a 129,916-square-foot, Class A office building in San Diego, California.
JLL worked on behalf of the borrower, DivcoWest, to secure the three-year, floating-rate acquisition loan through a regional bank.
Northridge Summit is located at 12220 Scripps Summit Dr. in San Diego’s I-15 corridor, a major tech and life sciences cluster. The bustling submarket is home to more than 121,000 residents within a three-mile radius from the property and is projected to grow to more than 126,000 residents in the next two years.
Completed in 2000, Northridge Summit is fully leased to an AA+ credit technology tenant. The three-story building offers 43,300-square-foot floorplates and subterranean and surface parking.
JLL’s Capital Markets Debt Advisory team was led by Senior Managing Directors Chris Collins and Aldon Cole, Managing Director Alex Witt and Senior Managing Director Jordan Angel.
According to JLL’s Q3 Office Outlook, San Diego ranks among one of the tightest office markets in the nation with just a 12% vacancy rate driven by the inbound migration of life sciences and tech tenants.
JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos, and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.