Office R&D Portfolio Buy Makes “Perfect Sense” for LPC Strategy

A 320,000-square-foot office R&D portfolio consisting of three class-A buildings in Fremont and San Diego recently sold to Lincoln Property Company and Invesco Real Estate. The price was undisclosed.

The two buildings in Fremont, located at 6801 Kaiser Dr. and 6900 Paseo Padre Pkwy., encompass approximately 185,790 square feet and are 100 percent leased to TE Connectivity. The portfolio’s San Diego property, commonly known as Pacific Corporate Center in Sorrento Mesa, consists of one building of approximately 134,000 square feet. The property is fully leased to Spectrum.

The Colliers team led by executive vice presidents Andy Zighelboim, Kevin Moul, Bob Gilley and Brad Idleman arranged the transaction. The seller was made up of affiliates of Crown Realty & Development out of Costa Mesa.

“Given the robust economic growth within the science and technology sectors coupled with strong locations in two of the leading domestic markets, this acquisition made perfect sense for Lincoln Property Company and Invesco Real Estate to further their strategy in leveraging these economic drivers. The assets offer stable mid-term cashflow with the flexibility to possibly create additional value in the future,” said Zighelboim.