Lincoln Eyes 600K Office Development in Pacific Heights
Lincoln just purchased more than 15 acres in Pacific Highlands Ranch, the master planned community next to SR 56, from Pardee Homes (a division of TRI Pointe) for $53M, according to docs filed with the SEC. In turn, Lincoln intends to develop an “amenity laden” 630k SF regional HQ and life sciences campus, says Lincoln's Brig Black (here with his family). It's unclear whether Lincoln plans to go spec on the project. But Brig says the site is attractive given its proximity to existing housing and it being a “highly visible location.” DTZ's Rick Reeder, Brett Ward and Aric Starck brokered the deal.
Last summer, TRI Pointe acquired Weyerhaeuser Real Estate Co, which included Pardee Homes and its Pacific Highlands Ranch project. TRI Pointe CEO Doug Bauer (here) says its sale of the office land is in an effort to unlock “embedded value” from the land it acquired in the WRECO transaction. Last year, Coast Income Properties began development of the Village at Pacific Highlands Ranch, a 24-acre mixed-use portion of the community that includes 331 apartments and 150k SF of retail space off Carmel Valley and Del Mar Heights roads.