2 Firms Buy Wateridge Park

Scripps Wateridge Associates of San Diego and Boston-based New England Mutual Life Insurance Co. have purchased San Diego’s 280,000-square-foot Wateridge Plaza and the rest of the 125-acre Wateridge Corporate Park for more than $40 million.

The park, just east of the interchange of Interstates 5 and 805, is San Diego’s largest master-planned corporate community. It was originally developed by Equidon Cos. of Orange County, which declared bankruptcy in 1985. Wateridge Associates and New England Mutual Life purchased Wateridge Plaza and the rest of the park from lenders.

The buyers plan to resume construction at Wateridge Corporate Plaza, which is designed to ultimately provide more than 2.3 million square feet of office space.