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9/09/15
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Lincoln Property Company recently boosted its San Diego County office portfolio with its sixth purchase over the last six quarters. In this latest buy, Lincoln paid $19.15 mil for Activity Business Center, a 161k sf ($119/sf) campus in the Miramar submarket.
Activity Business Center consists of five buildings over nine acres located at at 9235, 9245 and 9265 Activity Rd, and 9520 and 9530 Padgett St. The campus was 83 percent leased at time of sale. Existing tenants include Quest Diagnostics, NRG Home Solar, H&R Block, Group Delta Consultants, Harmonium, Computer Processing Unlimited and more.
Lincoln intends to complete an exterior remodel of the property, including painting, enhanced signage, landscaping and parking improvements, as well interior renovations. With this purchase, Lincoln owns and manages more than 12.5 msf of office, industrial and retail property thoughout Southern California.
Lincoln represented itself in the transaction. The seller, BSREP Socal Activity LLC, an affiliate of Brookfield Property Company, was repped by Rick Reeder, Brad Tecca and Bryce Aberg of DTZ.
“With a very low local unemployment rate and a limited supply of developable land, investing in quality San Diego office properties is a prudent move for our firm,” said Brig Black, executive vice president – Southern California of Lincoln Property Company. “Activity Business Center is located just one block from Miramar Rd and two blocks from the I-15 Freeway, located in the geographic center of San Diego County, so the property is very attractive to tenants for whom a central location, ample parking and numerous nearby amenities are important.”
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