LPC West Expands San Diego Industrial Footprint
The deal marks the firm's second acquisition in partnership with New York Life Investors.
13100 Danielson St.
Lincoln Property Co.’s LPC West, together with New York Life Investors, has acquired a 135,000-square-foot industrial asset in Poway, Calif. According to CommercialEdge data, Liberty Diversified International sold the property for $35.1 million. The off-market transaction, marking the joint venture’s second purchase, was completed with the assistance of Lee & Associates.
The acquisition brought LPC West’s San Diego portfolio to more than 2 million square feet of owned and managed commercial assets. Furthermore, some 1 million square feet are in the firm’s development pipeline.
Built in 1998 on a 7.2-acre lot, the one-story building features exterior concrete, a 28-foot clear height, four loading docks, five exterior dock positions and 16 parking spots.
Located at 13100 Danielson St., the warehouse is 20 miles from downtown San Diego and 22 miles from San Diego International Airport. Interstate 15 is 4 miles west, providing access to Los Angeles, Orange and Riverside counties.
Lee & Associates Principals Rusty Williams, Chris Roth and Jake Rubendall worked on behalf of the buyer, LPC West Executive Vice President Scott Moffatt said in prepared remarks.
CommercialEdge data shows more than 5.2 million square feet of industrial space have changed hands in San Diego since the beginning of the year. In one of these transactions, Hines purchased a 229,680-square-foot industrial campus in San Diego on behalf of the Hines U.S. Property Partners Fund. The investment vehicle is slated to acquire two other buildings at the same technology park.
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