Dallas-based Lincoln Property Co bet once again on the future of tech and lifestyle product companies in Carlsbad with another acquisition. It’s Lincoln's third buy there this year. (They're in Carlsbad so often they might lose that Texas accent.)
A JV of Lincoln Property Co and Artemis Real Estate Partners acquired the three-building 81k SF Research Center Plaza for $9.5M from two Philly-based investors. The R&D/office campus, located at 2232, 2234, and 2236 Rutherford Rd, was 75% occupied at the time of purchase. Lincoln SVP and San Diego regional partner Brig Black tells us that the company likes markets that attract tech and innovative lifestyle-product companies, and that Carlsbad has gained a critical mass of such companies for further growth.
Earlier this year, the firm bought a 106k SF industrial building at 2270 Camino Vida Roble and a 150k SF corporate HQ building at 2081 Faraday Ave. Brig says that Lincoln and Artemis plan to update Research Center Plaza to be more attractive in the current office market: upgrades to the exterior and interior spaces of the project, creating office lofts with collaborative features, open ceilings, and enhanced natural lighting. Cassidy Turley's Rick Reader and Brian Driscoll repped the sellers, while the buyers repped themselves.
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