SAN DIEGO—Making its sixth San Diego County property acquisition in six quarters, Lincoln Property Company, an internationally-focused real estate investment, development, property management and leasing firm, closed escrow Friday on Activity Business Center in the Miramar submarket.
The five-building, nine-acre office park sold for more than $19 million. The buildings, located at 9235, 9245 and 9265 Activity Road and 9520 and 9530 Padgett Street, combine for a total of 160,943 square feet. Activity Business Center is 83% leased at time of sale. Existing tenants include Quest Diagnostics, NRG Home Solar, H&R Block, Group Delta Consultants, Harmonium, Computer Processing Unlimited and more.
Lincoln represented itself in the transaction. The seller, BSREP Socal Activity LLC, an affiliate of Brookfield Property Company, was represented by Rick Reeder, Brad Tecca and Bryce Aberg of DTZ.
“With a very low local unemployment rate and a limited supply of developable land, investing in quality San Diego office properties is a prudent move for our firm,” said Brig Black, executive vice president – Southern California of Lincoln Property Company. “Activity Business Center is located just one block from Miramar Road and two blocks from the I-15 Freeway, located in the geographic center of San Diego County, so the property is very attractive to tenants for whom a central location, ample parking and numerous nearby amenities are important.”
Lincoln intends to complete an exterior remodel of the property, including painting, enhanced signage, landscaping and parking improvements, as well interior renovations.
Throughout Southern California, Lincoln Property Company owns and manages more than 12.5 million square feet of office, industrial and retail property. The company was founded in 1965 by its chairman Mack Pogue.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
