LPC West Buys 62 KSF Industrial Asset in San Diego
- Oct 01, 2019
LPC West, a subsidiary of Lincoln Property Co., has acquired a 62,400-square-foot industrial building located in San Diego’s Sorrento Mesa submarket. The transaction marks LPC West’s fourth purchase of flexible, industrial space in San Diego this year.
The seller, MVP Waples, received $10.4 million for the asset. First Vice President & Senior Director with Marcus & Millichap’s Institutional Property Advisors Ben Tashakorian represented the buyer in the deal, while the seller represented itself.
Located at 9877 Waples St., the property is spread across 3.5 acres of land in an area where life science companies and technology firms are prevalent. The new owner plans to reposition the building and add outdoor amenities and significant infrastructure upgrades. LPC West currently manages some three million square feet of office, industrial, life science and specialty mixed-use space throughout San Diego County.