scripps san diego campus

Core-plus Case Study (active)

Scripps San Diego Campus

The Opportunity
  • In Q2 2013 CIRE acquired a 39,800 SF single-tenant NNN office asset located in San Diego’s Sorrento Mesa/Sorrento Valley submarket

  • The property is 100% occupied by Scripps Health, a $2.5 billion private, nonprofit, integrated health system in San Diego, CA (AA- S&P Rated)

  • Investors will realize strong immediate cash-flows from a AA– credit rated, top 10 national health system

  • Scripps Health has invested significant capital over the last 5 years to replace/repair major building systems and renovate interior build-outs

  • The project is widely considered the most accessible property in the surrounding sub-market. This irreplaceable location will be further enhanced by the expected near-term completion of the $90 million Interstate 805/Carroll Canyon Road Extension Project

  • The subject site offers a parking ratio above 6 per 1,000 SF, a valuable commodity among competing properties in the sub-market

Value-Add Strategy
  • Provide Scripps and their employees with CIRE’s best-in-class property level and asset management services

  • Conduct a complete audit and overhaul of property level operations to maximize efficiencies and reduce costs

 
Property Description

 

Property Type:
Single-Tenant Office

Sub-Market:
San Diego, California

Number of Bldgs:
One (1)

SF / Acres:
39,800 SF / 2.93 acres

Year Built: 1985

Current Occupancy: 100%