Lincoln Property Buys San Diego Office Campus
For more than 40 years, the San Diego Union-Tribune called the property home.
Lincoln Property Co. has acquired a 350,000-square-foot office campus in San Diego, Calif. The purchase includes two buildings along Camino De La Reina in the Mission Valley submarket, known as AMP&RSAND Tower and AMP&RSAND Press, a creative office campus that was previously home to the San Diego Union-Tribune.
Connect CRE reported that Lincoln bought the campus for $92 million. CIM Group, the property’s seller, had purchased the campus earlier this year, Yardi Research Data shows.
CBRE’s Matt Carlson and Hunter Rowe facilitated the sale, with Scott Peterson, Michael Kolcum and Colby Matzke from CBRE’s Debt & Structured Finance practice securing financing for the acquisition.
Both buildings are five stories high and feature a range of amenities, including an on-site café and wine bar, a fitness center with showers and lockers, sky bridges to connect the spaces and above-average ceiling heights in some spaces. According to Yardi Research Data, the press building came online in 2018, and the Tower building, which underwent a renovation that same year, was originally developed in 1975.
READ ALSO: Top 5 Office Projects Under Construction in San Diego
The San Diego-Union Tribune operated out of the 13-acre campus for over 40 years before it signed a 15-year lease at a building in downtown San Diego in 2015. The newspaper relocated over 350 employees to 600 B St. after Tribune Publishing of Chicago bought it.
Located at 350 Camino De La Reina, the creative office campus has direct access to Interstate 8 and Route 163, and is right across from Fashion Valley Mall. The San Diego International Airport is just over 7 miles away and the San Diego Zoo is approximately 5 miles south.
Breathing life into the office market
San Diego’s office sector continues to show strong growth and development numbers. Investment sales during the first five months of the year had the metro situated among the top 10 office markets in the country, Yardi Research Data shows. In May, the area was showing that the average sale price per square foot was $346, the second-highest among major markets and well above the $196 national average.
Within the office market, life science properties are driving major deals that fuel the metro’s success. Back in July, Alexandria Real Estate Equities Inc. landed a record lease agreement with a pharmaceutical tenant. The deal outlines a 16-year agreement for a 466,594-rentable-square-foot build-to-suit research hub at the Campus Point by Alexandria Megacampus.
Earlier this year, HP Investors and Realm L.P. purchased a 145,000-square-foot office building in the Mission Valley submarket for $20.3 million. The partnership is rebranding the building as Axis 1450, under a capital improvement plan.
You must be logged in to post a comment.