DivcoWest Acquires Office Building On Scripps Summit Drive For $76.1M
SOLD
$76,100,000
California
See Similar DealsOffice130,000 SF
Sold 04/29/2022
SOLD
DivcoWest Acquires Office Building On Scripps Summit Drive For $76.1M
12220 Scripps Summit Drive, San Diego, California 92131, United States
See Similar DealsOffice130,000 SF
Sold 04/29/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$585
Total Square Footage:130,000 SF
Transaction Type:Sale
DivcoWest has acquired an office property located at 12220 Scripps Summit Drive in Scripps Poway Parkway. The transaction, which took place on 04/29/2022, involved a sale between DivcoWest and Davlyn Investments. The property, spanning 130,000 square feet, was sold for a total price of $76,100,000, resulting in a price per square foot of $585.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $76,100,000
- Address: 12220 Scripps Summit Drive
- Market: Scripps Poway Parkway
- Buyer: DivcoWest
- Seller: Davlyn Investments
- Brokers: Nick Psyllos, Lynn LaChapelle & Kurt Luedtke - JLL Capital Markets
The sale of this office property was facilitated by the JLL Capital Markets team, represented by brokers Nick Psyllos, Lynn LaChapelle, and Kurt Luedtke. The successful transaction solidifies DivcoWest's expansion in the Scripps Poway Parkway market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,058,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$270,367.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,752.82
Annual Debt Service$4,329,033.89
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