By Razvan Cimpean
JLL secured two new leases totaling nearly 41,000 square feet at Scripps Plaza, a two-building office complex in San Diego. Kratos Defense & Security Solutions Inc. will relocate from 4820 Eastgate Mall Drive and will use the 26,192-square-foot office space for its corporate headquarters. Another undisclosed tenant will occupy 14,746 square feet.
“Both companies were attracted to this property because of its central location, unparalleled freeway visibility, access and abundant parking,” Jay Alexander of JLL said in a prepared statement.
Located at 10650 and 10680 Treena St., the complex offers easy access to Tuskegee Airmen Highway and Interstate 15 Express. The asset is also next to the Scripps Ranch Marketplace and in the vicinity of multiple public transportation options.
The property last traded in 2014, when TriGate Capital acquired it from AIG – REO for $9.8 million, according to Yardi Matrix data. Constructed in 1985, the property underwent renovations in 2015, which included an expansive plaza, on-site café, modern lobby, increased parking ratio and a fitness center. The owner obtained a $14.1 million loan from Aetna Life Insurance Co., scheduled to mature in August 2020. In November 2016, TriGate was also involved in the sale of Heritage One and Two, a two-building, 358,000-square-foot office complex in Quincy, Mass.
JLL’s Tim Olson and Alexander represented the owner in both leases. David Crabb of Kidder Mathews negotiated the lease on behalf of Kratos.
Image courtesy of JLL