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2/23/15
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Lincoln Property Company purchased a two-building, 68.4k sf R&D/office campus in Carlsbad for $11.9 mil ($174/sf). The buildings, located at 5993 and 5999 Avenida Encinas, just west of the I-5 Fwy off Palomar Airport Rd, were 80 percent occupied at the time of purchase.
The property is in close proximity to the beach and a plethora of retail and restaurant destinations. The buyer plans to complete substantial upgrades to the landscaping, exteriors and interiors of the buildings to attract creative and lifestyle-oriented tenants
Rick Reeder and Aric Stark of DTZ represented both buyer and seller in the transaction.
This acquisition marks Lincoln Property Company’s fourth purchase in North County in the past year. A few months ago, Lincoln Property Company acquired the three-building, 81.1k sf Research Center Plaza, also in Carlsbad, located at 232, 2234 and 2236 Rutherford Rd. Throughout Southern California, Lincoln Property Company owns and manages more than 12 msf of office, industrial and retail property.
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