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NNC Unveils Office Project Plans

SAN DIEGO-Carlsbad-based Newport National Corp. makes its first foray into the Mission Valley submarket with a decision to develop a 73,100-sf office facility here. Slated to rise on Friars Road, the proposed building will comprise the second phase of the Rio San Diego Plaza park.

By Erin Cassin | Updated on February 26, 2004

SAN DIEGO-Carlsbad-based developer Newport National Corp. is making its first foray into the Mission Valley submarket with a decision to develop a 73,100-sf office facility here, which will comprise the second phase of the Rio San Diego Plaza office park.

NNC has recently unveiled the design of the project, known as Rio San Diego Plaza II, which is slated to rise on a 4.5-acre parcel located on Friars Road at the corner of Rio San Diego Drive. Valued at $4.1 million, the parcel has been contributed by Scripps Mission Valley Office Park LLC, which has formed a new venture with Newport National.

The Newport National and Scripps venture, known as Rio San Diego Plaza II LLC, has joined forces with the Buchanan Fund III LLC to create Rio San Diego Plaza II Master LLC, which is the entity associated with the development of the new office facility.

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