Scripps Northridge Corporate Center
Scripps Northridge Corporate Center demonstrates Kearny’s flexibility to act as co-developer for the right opportunity and proactively meet the demands presented in the marketplace whether they be land sales, build-to-suits, or speculative development.
Scripps Northridge Corporate Center is a 126 acre corporate park offering the finest in office and research building sites. It consists of 48 net acres with the balance dedicated to open space. It is strategically located on Interstate 15 at the north-east Corner of Scripps Poway Parkway and Interstate 15, offering close proximity to all of San Diego, including Downtown and San Diego’s Lindbergh International Airport. Freeway 52 and the soon to be completed Freeway 56 provide easy access to coastal San Diego residential and business communities.
The Corporate Center offers panoramic view sites, convenient retail support services, direct access to miles of jogging/hiking trails at the Los Penasquitos Canyon Preserve, superb freeway identity and access, and a quality working environment in a campus setting.
In May of 1998, Kearny, as co-developer with Lankford and Associates, purchased an unimproved 126-acre site along the I-15 corridor in North San Diego for $8.8 million. The project had remained available and unimproved primarily due to the difficult grading and infrastructure challenges. The grading job included moving two million yards of material. The partnership sold four parcels totaling 20.2 acres to users, developed and sold two award winning Class “A” office build-to-suits for Nokia Mobile Phones totaling 325,000 sf and developed and fully leased a speculative 96,000 sf two-story office building. This project was fully leased to Nokia and Titan Corporation and sold in December 2003 for $20.8 million.
The last two lots totaling 10.5 acres including completed plans and steel for a four-story 120,000 sf multi-tenant Class “A” office building where sold to Lankford and Associates in early 2005. The partnership earned a 33% IRR and a 2.5 times equity return.
Architect: Davis & Associates
Contractor: Hensel Phelps
Civil: SB&O, Inc.