LPC West has acquired Polo Plaza, an iconic, 57,253-square-foot, mixed-use property at 3702 and 3790 Via De La Valle in Del Mar, California from an undisclosed, local seller for $27.5 million. The two-building, two-story property sits at the gateway between Del Mar and Rancho Santa Fe.
LPC West will renovate the Mediterranean-style office/retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The plaza will also feature a new café offering coffee, breakfast and lunch in a modern and sophisticated indoor/outdoor setting. The property also will offer small ExecuOffices™ in newly-renovated facilities with on-site amenities. A new web-site at www.poloplazadelmar.com highlights LPC West’s plans.
Polo Plaza, named for its high-profile location across from the Del Mar Polo Fields, has been owned by a local, private partnership for 31 years and is 92 percent occupied. The seller sought a local buyer that would be a good steward of the property for the benefit of the local community.
“We see enormous potential to fulfill the prestige and prominence of this property,” said Brig Black, executive vice president – Southern California for LPC West. “Occupying a well-traveled corridor between two of San Diego’s most prosperous towns positions Polo Plaza to become a more coveted destination for business, dining and shopping. We look forward to making this happen.”
Ben Tashakorian and Bradley Peters of Marcus & Millichap represented seller, while LPC West represented itself in the transaction. Tashakorian adds, “This was a highly-sought-after, iconic asset due to its proximity to the Del Mar coast and at the entrance to Rancho Santa Fe.”
About LPC West
LPC West is a division of Lincoln Property Company, founded in 1965. Lincoln Property Company is a national real estate investment and development firm offering a comprehensive suite of value-added services for its clients. Access www.lpcwest.com for more information.