LPC West Acquires Two Properties In The Morena District And Chula Vista
LPC West acquired two fully leased San Diego County industrial properties, totaling more than 175K SF, in off-market transactions.
The first, a 77K SF industrial distribution warehouse, is at 5260 Anna Ave. in San Diego in the Morena District. LPC West, a division of Lincoln Property Co., purchased the property from Bixby SPE Finance 1 LLC for nearly $11.5M. Cushman & Wakefield's Bryce Aberg, Brant Aberg and Ryan Spradling represented Bixby, while LPC West represented itself.
LPC West has since renovated the interior office space and the warehouse sprinkler system, along with adding a new exterior track roll-up door and loading dock.
“This centrally-located, coastal, infill sub-market services the ‘last-mile’ industrial fulfillment needs for many users, helping to make this property a great fit with our investment requirements,” LPC West Executive Vice President, Southern California, Brig Black said in a statement.
The second property, a 105,537 SF R&D/industrial/regional HQ building, is in the Eastlake Business Park at 860 Harold Ave. in Chula Vista. It was purchased from Leviton Manufacturing for $10.9M. Cushman & Wakefield's Michael Macie represented Leviton Manufacturing, and Cushman & Wakefield's Duncan Dodd represented LPC West.
LPC West will soon begin renovating the lobby and upgrading the parking lot, signage and exterior landscaping, including painting the exterior of the building.
“We were attracted to the Chula Vista asset due to its size and quality of construction,” Black said. “An ESFR sprinkler-served, 30-foot clear span, modern warehouse with 14 truck doors accessed by an oversized secured loading and storage yard will suit the needs of a wide range of tenants.”