Sorrento West Properties Acquires Northridge Summit Office Building In San Diego For $25M

The Northridge Summit office building, located at 12220 Scripps Summit Drive in San Diego, CA, has been sold for $25,000,000. The property occupies 129,916 square feet and was sold at a price per square foot of $192. This office asset was fully leased at the time of the transaction.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $25,000,000
• Buyer: Sorrento West Properties
• Seller: Stuart Shiff - DivcoWest
• Square Footage: 129,916
• Price Per Square Foot: $192
• Market: San Diego, CA

Stuart Shiff represented DivcoWest in this transaction. The sale was significant as it occurred at about one-third of the seller’s 2022 purchase price, illustrating a market shift in office asset valuations amidst higher interest rates.