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7/05/16
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Lincoln Property Company has acquired Wateridge, a six-building, Class A office campus totaling 566k sf in Culver City. A Lincoln affiliate, LPC Realty Advisors I LP, purchased the asset for about $135 mil on behalf of a public pension fund client.
Situated on 21 acres, Wateridge is located on the corner of La Cienega Blvd and Slauson Ave and is easily accessible to thea Westside, South Bay, and LAX airport via the 405 and 10 freeways. Constructed in phases beginning in 1989, the property has since become a campus-style, multi-tenant facility boasting lush landscaping and a diverse mix of office and retail tenants.
LA’s Westside has experienced an influx of office tenants in media, entertainment and technology, especially in Playa Vista and Culver City, neighborhoods immediately neighboring the Wateridge property. Currently, major tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services, and Evolve Media.
The property also contains a multi-tenant retail building and a bustling standalone 24 Hour Fitness, offering a convenient, state-of-the-art gym right on campus.
Wateridge was sold by Muller Company and Rockwood Capital, who purchased the complex for $136 mil in 2007. Since 2010, the previous ownership has invested in additional parking, renovated common areas and improved landscaping.
Lincoln plans to conduct a light upgrade of the property to make it more attractive to new tenants seeking a home in the highly sought-after West LA market, and also attract more retail tenants who will provide services to the office tenancy. Planned upgrades include the addition of improved wayfinding signage, enhanced lighting, furniture, fixtures, and equipment, as well as the implementation of a white box and spec suite program. Lincoln also plans to renovate the existing retail building.
“Large office campuses are increasingly hard to come by in West LA’s desirable market, so acquiring Wateridge was a unique opportunity for Lincoln, and certainly in line with our strategy,” said David Binswanger, Executive Vice President of Lincoln Property Company. “We see its potential to help meet demand for quality office space in this region.”
Lincoln’s upgrades are expected to boost occupancy and bring in more dining options, allowing tenants to stay on campus for lunch and other needs, rather than travel to nearby retail centers offsite.
The property’s amenities currently include cascading water features, a centralized courtyard, outdoor workstations and putting greens. Lush landscaping includes grass-covered lawns, trees, shrubs, ponds, waterfalls, and streams; outdoor seating areas located along the building perimeters sit adjacent to the water features.
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