Scripps Ranch Site Sells for $7 Million in Tight Market for Small Office Buildings

A 21,400 square-foot office building in Scripps Ranch has been sold for $7 million, a brokerage announced.

The property, located at 10065 Old Grove Road, was acquired by Clark Land Resources, Inc., a San Diego consultant. Spencer Dok of Lee & Associates represented the seller in the transaction.

The unnamed seller previously utilized most of the property for two of its businesses. Following the sale, one business vacated an upper floor to allow for Clark's occupancy. The other agreed to lease back a suite on the ground floor.

The sale enabled the seller to consolidate multiple locations, achieving greater operational efficiency and cost savings.

The sale was completed in four months.

"Owner-user demand for centrally located office assets remains robust," Dok said. "While many large office properties face broader market challenges, the scarcity of smaller office buildings available for user occupancy supports sustained value. Notably, all four office properties sold in Scripps Ranch over the past two years were purchased by users."

As of the fourth quarter of this year Dok said, there are no new office buildings under construction in Scripps Ranch. He added that the submarket has seen no new office development in the last decade.

Lee & Associates is the largest broker-owned commercial real estate firm in North America.