LPC West Acquires Leasehold Interest for 10 Adjacent Properties

In a limited partnership, LPC West, Inc., the West Coast subsidiary of Lincoln Property Company, has purchased the leasehold interest of 186,057 square feet of space across 10 adjacent light industrial and retail/industrial showroom buildings at two properties: Miramar Business Park and the Exchange @ Miramar. The properties are located on 11.24 acres in the Miramar area of San Diego, California.

The 10 buildings, purchased from Icon Miramar Owner Pool 2 West/Northeast/Midwest LLC for an undisclosed amount, are located at 7550, 7580 and 7590 Miramar Road within The Exchange at Miramar and at 7606, 7610, 7616, 7620, 7626, 7630 and 7636 Miramar Road with Miramar Business Park. Combined, the properties were 76% occupied at the time of purchase.

“Our local LPC West team plans to enhance project value by bringing a local presence to the leasing effort as well as implementing strategic capital upgrades to the project,” said Brig Black, executive vice president of LPC West.

The properties offer easy access to I-805 and I-15, and the buildings front the heavily trafficked Miramar Road.

The seller was represented by Mark Detmer, Bo Mills and Ryan Sitov of JLL. The buyer represented itself in the transaction.

The San Diego office of LPC West currently oversees over two million square feet of office, industrial, life science and specialty mixed use space throughout San Diego County.