The deal marks the agency’s second acquisition in partnership with New York Life Buyers.
Lincoln Property Co.’s LPC West, along with New York Life Buyers, has acquired a 135,000-square-foot industrial asset in Poway, Calif. Based on CommercialEdge information, Liberty Diversified Worldwide bought the property for $35.1 million. The off-market transaction, marking the three way partnership’s second buy, was accomplished with the help of Lee & Associates.
The acquisition introduced LPC West’s San Diego portfolio to greater than 2 million sq. ft of owned and managed business property. Moreover, some 1 million sq. ft are within the agency’s improvement pipeline.
Inbuilt 1998 on a 7.2-acre lot, the one-story constructing options exterior concrete, a 28-foot clear peak, 4 loading docks, 5 exterior dock positions and 16 parking spots.
Situated at 13100 Danielson St., the warehouse is 20 miles from downtown San Diego and 22 miles from San Diego Worldwide Airport. Interstate 15 is 4 miles west, offering entry to Los Angeles, Orange and Riverside counties.
Lee & Associates Principals Rusty Williams, Chris Roth and Jake Rubendall labored on behalf of the client, LPC West Government Vice President Scott Moffatt stated in ready remarks.
CommercialEdge information reveals greater than 5.2 million sq. ft of commercial area have modified palms in San Diego because the starting of the yr. In considered one of these transactions, Hines bought a 229,680-square-foot industrial campus in San Diego on behalf of the Hines U.S. Property Companions Fund. The funding car is slated to accumulate two different buildings on the identical know-how park.
