It seems like the keyword for Lincoln Property Co's plans for the office portion of the Carmel Valley and Del Mar Heights roads project is patience. We caught up this week with Lincoln's Brig Black to chat about it.
Brig (here with his family) tells us the company has no plans to go spec in the near term. "We have patient money, patient capital," he says. Brig declined to identify its equity partner, other than that it's institutional. As we previously reported, Lincoln purchased 15 acres at the master planned Pacific Highlands Ranch community from Pardee Homes for $53M. In turn, Lincoln intends to develop an “amenity laden” 630k SF regional HQ and life sciences campus.
Brig says Lincoln will develop four buildings in two phases, and is already marketing the project to companies. While there are no LOIs at the moment, Brig says he expects the improving market to shovel potential deals Lincoln's way. And if demand is better than Lincoln anticipates, it could go spec in the future.
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