{"id":1004609709,"date":"2022-11-02T12:27:35","date_gmt":"2022-11-02T20:27:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004609709"},"modified":"2022-12-08T19:17:00","modified_gmt":"2022-12-09T03:17:00","slug":"lincoln-property-jv-sells-industrial-asset-for-162m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-sells-industrial-asset-for-162m\/","title":{"rendered":"Lincoln Property JV Sells Industrial Asset for $162M"},"content":{"rendered":"
\"\"

Kearny Mesa Logistics Center. Image courtesy of Newmark<\/p><\/div>\n

Lincoln Property Co<\/strong>. and a real estate fund advised by Crow Holdings Capital <\/strong>have sold their 299,381-square-foot distribution facility in San Diego. Terra Enterprises<\/strong> purchased the newly completed Kearny Mesa Logistics Center for $162.1 million, according to Commercial Edge data<\/a>.<\/p>\n

The Class A industrial facility is fully leased to Amazon<\/strong>, in accordance with the same data. Situated in the Kearny Mesa submarket, the property provides easy access to the Greater San Diego area through major thoroughfares including Interstate 805, I-15, SR-163 and SR-52.<\/p>\n

Located at 5650 Kearny Mesa Road, the on 15.2-acre industrial asset features 36-foot clear heights, a cross-dock configuration, 120-foot concrete truck courts and dock-high loading capabilities.<\/p>\n

The sellers were represented in the deal by Newmark\u2019s <\/strong>Kevin Shannon, Co-Head of U.S. Capital Markets, along with Executive Managing Directors Andrew Briner, Bret Hardy, Jim Linn, Brunson Howard and Ken White.<\/p>\n

Strong demand for industrial space<\/h2>\n

Lincoln Property Co. and Crow Holdings have previously teamed up for another San Diego-area acquisition, with the purchase of a 112,000-square-foot industrial property<\/a> in 2020.<\/p>\n

San Diego continues to benefit from a high demand for industrial space. Year-over-year, the average vacancy rate as of the third quarter of 2022 went down 2.4 percent, while the average asking rent per square foot in the same period went up by $1.41, according to a report by Cushman & Wakefield<\/a>.<\/p>\n

The area is not only a hot spot for industrial developments, but life science projects as well. Due to its location and access to a growing workforce, San Diego is among the nation\u2019s largest hubs<\/a> for life science construction and investment activity.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon fully occupies the newly built San Diego facility. <\/p>\n","protected":false},"author":3006,"featured_media":1004609710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,1608,15],"tags":[37358,32838,50999],"class_list":["post-1004609709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-san-diego","category-west","tag-crow-holdings","tag-lincoln-property-company","tag-newmark"],"acf":[],"yoast_head":"\nLincoln Property JV Sells Industrial Asset for $162M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Newmark represented the sellers for the 299,381 square foot distribution asset. 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