LPC West & Crow Holdings Capital Acquires 10.55-Acre Industrial Property in Kearny Mesa

LPC West & Crow Holdings Capital Acquires 10.55-Acre Industrial Property in Kearny Mesa

A partnership between LPC West, Inc., the West Coast operating company of Lincoln Property Company, and a private equity real estate fund advised by Crow Holdings Capital has acquired approximately 174,000 square feet of existing industrial buildings on 10.55 acres of land at 7995 Armour Street, 4212 Pepsi Drive and 7902 Othello Avenue in San Diego, California from Bottling Group, LLC for $30.3 million. The three-building property is located on the Western side of Kearny Mesa, south of Balboa Avenue and east of Convoy Street.

“Following our purchase of a 21-acre property from Cubic Corporation in June, this marks the second acquisition of industrial land that our partnership has completed this year in Kearny Mesa. This superbly located infill site provides “last-mile” access for industrial and distribution-type uses servicing central San Diego,” said Brig Black, executive vice president of LPC West.

The seller, Pepsi’s San Diego distribution operation, plans to lease back the entire property for 18 to 24 months. The partnership’s future plans include renovating existing buildings and redeveloping portions of the property.

Alan Peterson of Choyce Peterson, Inc. and Peter Quinn and Mickey Morera of Kidder Matthews represented LPC West partnership in the purchase, while Bottling Group, LLC represented itself in the purchase.

The San Diego office of LPC West currently oversees 2.5 million square feet of office, industrial, life science and specialty mixed use space throughout San Diego County.

About LPC West

LPC West is a division of Lincoln Property Company, founded in 1965 and headquartered in Dallas, Texas. Lincoln Property Company is a national real estate investment and development firm offering a comprehensive suite of value-added services for its clients, with nearly 400 offices nationwide. LPC West maintains offices in San Diego, Orange County, Los Angeles, San Francisco, Portland and Seattle and oversees the management, acquisition and development of over 30 million square feet of commercial property. Access www.lpcwest.com for more information.