Mesa West Capital Provides $28M For Acquisition And Makeover Of Scripps Ranch Office Building
Mesa West Capital has provided Newport National Corp. a $28M first mortgage loan for acquisition, renovation and stabilization of Scripps Summit Court in San Diego’s Scripps Ranch submarket. Seller HD Supply Facilities Maintenance relocated to Atlanta, completely vacating the four-story, 146,549 SF office building at 10641 Scripps Summit Court.
Built in 2000 as a build-to-suit for HD Supply, the building features an on-site cafeteria, a fitness center, a locker room with showers, outdoor patios, and basketball and sand volleyball courts. The loan includes funding to complete a significant renovation, which will include a new exterior entrance and upgrades to the lobby, common areas and fitness center. A new bistro/coffee bar and training/events room also will be added. Additionally, the loan includes a holdback to fund future tenant improvements and leasing costs.
The property was financed with a five-year, non-recourse, floating rate loan, according to Mesa West principal Steve Fried, who, along with associate Seth Hall, originated the financing.