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9/27/19
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LPC West Inc, the West Coast operating company of Lincoln Property Company, has acquired a 62.4k sf industrial building on three-and-a-half acres of land in San Diego’s Sorrento Mesa area. LPC West purchased the property, located at 9877 Waples St, for $10.4 mil ($167/sf).
Sorrento Mesa, along with Torrey Pines Mesa and UTC, houses a majority of San Diego’s thriving life science companies, as well as many technology firms. These markets are undersupplied with flexible buildings that can accommodate a mix of office, industrial and laboratory uses.
Ben Tashakorian of Institutional Property Advisors represented LPC West in this transaction, while the seller, MVP Waples LLC, represented itself.
“We are responding to many life science and technology companies approaching us with interest in lower-cost flex buildings,” said Brig Black, executive vice president of LPC West. “These types of buildings need investment, but are well located, flexible, offer great clear height and convert nicely into indoor-outdoor lifestyle destinations for San Diego’s growing research community. We plan to reposition this asset into a best-in-class facility with outdoor amenities and significant infrastructure upgrades.”
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