LPC West, Inc., the West Coast operating company of Lincoln Property Company, has acquired an approximately 62,400-square-foot industrial building on three-and-a-half acres of land. LPC West purchased the property, located at 9877 Waples Street in the Sorrento Mesa submarket of San Diego, from MVP Waples, LLC for $10.4 million.
Sorrento Mesa, along with Torrey Pines Mesa and UTC, houses a majority of San Diego’s thriving life science companies, as well as many technology firms. These markets are undersupplied with flexible buildings that can accommodate a mix of office, industrial and laboratory uses.
“We are responding to many life science and technology companies approaching us with interest in lower-cost flex buildings,” said Brig Black, executive vice president of LPC West. “These types of buildings need investment, but are well located, flexible, offer great clear height and convert nicely into indoor-outdoor lifestyle destinations for San Diego’s growing research community. We plan to reposition this asset into a best-in-class facility with outdoor amenities and significant infrastructure upgrades.”
Ben Tashakorian of Marcus & Millichap Institutional Property Advisors represented LPC West in this transaction, while the seller represented itself.
“This acquisition represents LPC West’s fourth purchase in San Diego this year of flexible, industrial space for repositioning or redevelopment,” added Black.
The San Diego office of LPC West currently oversees approximately three 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.