Wateridge Business Park Is Sold for $40 Million

The troubled Wateridge business park in Sorrento Valley has been sold for more than $40 million to a joint venture consisting of San Diego developers Scripps Wateridge Associates and Copley Real Estate Advisors, an investment arm of New England Mutual Life Insurance Co. of Boston.

Seller of the 125-acre park located on the eastern ridge of Sorrento Valley was Great-West Life Assurance Co. of Winnipeg, Canada. Seller of the 280,000-square-foot Wateridge Plaza office complex was Mitsui Manufacturers Bank of Los Angeles. The two lenders repossessed the properties from Orange County-based developer Equidon in 1985 after Equidon entered bankruptcy proceedings.

The managing partners of the joint venture are Ron Currie, Larry Woodward and Ned Baumer of San Diego.