Summit Completes Newest Commercial Project in San Diego's Thriving Research and Development Market
04/16/1999 Category: Leasing and Development
EL SEGUNDO, CA--April 16, 1999--Summit Commercial Properties has completed construction on Summit Ridge, a three-building research and development complex in the Sorrento Mesa region of San Diego. The 133,750-square-foot development is a joint venture between Summit and Mack-Cali Realty Corporation (NYSE:CLI).
"The Sorrento Valley is an ideal location for the R&D activities of telecommunications, biotech, computer software and electronics companies," notes Jack Mahoney, president of Summit Commercial. "With UC San Diego only minutes away and several prominent medical research companies in the neighborhood, Summit Ridge tenants have access to a wealth of resources." Turpit & Potter Architects designed Summit Ridge, a $14 million project set on a 7.3-acre site in the burgeoning technology region of north San Diego. The three freestanding structures, ranging from 39,000 to 51,000 square feet, are mezzanine style buildings with 22-foot-high ceilings and skylights. Divisible to 15,000 square feet and with access to fiber optics infrastructure, the buildings are suitable for corporate offices as well as R&D operations.
Reno Contracting is the project contractor, and the leasing agents are Phil Monroe and Jed Stirnkorb of John Burnham & Co.
Summit Commercial is an affiliate of Highridge Partners, one of the nation's most successful and respected real estate companies. Headquartered in Los Angeles with Northern California offices in Sacramento, the company has acquired, developed and managed a real estate portfolio valued at more than $2.5 billion in the past decade. Lately Summit Commercial has been focused on California, acquiring 50 properties in the last three years.
Closely held Highridge Partners operates through three core business groups: Haverford Financial Group that provides financial services and opportunistic capital a commercial group that includes Summit Commercial Properties and Metropolitan Development that acquire and develop office, industrial, R&D, retail and redevelopment projects; and a Housing and Leisure Group that includes Western Pacific Housing, Marignan Immobilier Investissements (a French housing company), and Alpine R.V. Resorts.
Mack-Cali Realty Corporation is a fully integrated, self-administered, self-managed real estate investment trust (REIT) providing leasing, management, acquisition, development, construction and tenant-related services for its portfolio. Mack-Cali owns or has interests in 253 properties, primarily office and office/flex buildings, totaling approximately 28 million square feet and serving over 2,400 tenants. Mack-Cali's properties are located in 12 states and the District of Columbia.
Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Federal Securities law. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office, office/flex and industrial/warehouse properties; interest rate levels; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, reports on Form 8‑K, and annual reports on Form 10-K.