Lincoln Property, Crow Holdings Pay $30M for San Diego Industrial Portfolio
The partnership intends to revamp the existing three buildings and redevelop parts of the property. The seller will lease back the asset.
7995 Armour St., 4212 Pepsi Drive and 7902 Othello Ave.
Lincoln Property Co. and Crow Holdings Group have acquired a roughly 174,000-square-foot, three-building industrial portfolio in San Diego for $30.3 million. PepsiCo sold the property, but the bottling company will lease back the entire asset for 18 to 24 months.
Located at 7995 Armour St., 4212 Pepsi Drive and 7902 Othello Ave. in Kearny Mesa, the buildings are almost 2 miles from Interstate 805. The food grade warehouses were completed in 1962, 1967 and 1977 on a 10.6-acre site, have refrigerated storage and insulating ceilings, as well as 21 trailer parking spaces, according to Yardi Matrix data. The buyers plan to renovate the existing buildings and redevelop portions of the property.
Alan Peterson of Choyce Peterson Inc., along with Peter Quinn and Mickey Morera of Kidder Matthews represented the buyers, while the seller represented itself. The transaction marks the second purchase in Kearny Mesa this year for the partnership. Recently, Lincoln Property Co. sold a 900,000-square-foot Class A industrial building in Phoenix for $69.8 million.
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