LPC West and New York Life Investors Acquire Off-Market Industrial Building Uniquely Configured for Poway Submarket
LPC West, the West Coast arm of national real estate firm Lincoln Property Company, in a joint partnership with New York Life Investors, has acquired an approximately 135,000-square-foot industrial building located in Poway, a city in northern San Diego County, in an off-market transaction.
LPC West, the West Coast arm of national real estate firm Lincoln Property Company, in a joint partnership with New York Life Investors, has acquired an approximately 135,000-square-foot industrial building located in Poway, a city in northern San Diego County, in an off-market transaction.
Because of its location on the I-15 corridor with convenient freeway access to Los Angeles, Riverside and Orange counties, as well as Mexico, the building is uniquely suited to accommodate distribution and advanced manufacturing. Located at 13100 Danielson St., the building is 25 percent office and features four loading docks, five additional exterior dock positions, 28-foot clear height and ample power. It sits on 7.22 acres with secure, drive around access.
The current tenant is Liberty Diversified International, a large, privately-held company that specializes in manufacturing and distribution of solutions in paper, packaging, plastics and workspaces.
“The building is extremely appealing given its location in the historically tight Poway submarket and its ability to meet the needs of distribution and advanced manufacturing tenants, both important industries in the region,” said Benjamin Bucci, Senior Vice President of LPC West’s San Diego region. “Liberty Diversified International is a strong, resilient tenant, which also attracted us to the property.”
The building is LPC West’s 2nd acquisition with New York Life Investors.
“LPC West is excited to continue growing its industrial portfolio in San Diego County with this acquisition,” said Scott Moffatt, Executive Vice President of LPC West’s San Diego region. “On behalf of LPC West and New York Life Investors, I’d like to thank Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates.”
Poway—a city of approximately 50,000 residents with an average household income of nearly $138,000—has a thriving business park and industries include defense contractors, food and beverage distribution and storage, standard dry warehousing, and medical device manufacturing. Poway is home to the headquarters of major national and global companies such as General Atomics Aeronautical Systems, Geico Direct Insurance, Delta Design, Inc., and Sysco Foods.
The LPC West San Diego office has had significant growth over the past 24 months, both in acquiring properties and new development. The firm now owns and manages over 2 million square feet of commercial property in the San Diego Region with an additional 1 million square feet in the development pipeline.
Greater San Diego has the nation’s third-largest concentration of life sciences companies, fueled by a strong base of defense, healthcare services, education, technology, and life-sciences institutions. Top research institutions in the area include UC San Diego, San Diego State University, University of San Diego, and the Scripps Research Institute. The region is a leader in patent generation, IP acceleration, as evidenced by record year-over-year funding in the region.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space.
About New York Life Investors
New York Life Insurance Company, the parent company of NYL Investors LLC, was founded in 1845 as a mutual life insurance company, and today is the largest mutual life insurers in the United States, ranking number 72 on the Fortune 500 list of the largest companies in the United States.
NYL Investors LLC manages $293 billion across fixed income, real estate and private placements for the NYL General Account and like-minded 3rd party investors around the globe. Headquartered in New York City with offices in Atlanta, Chicago, Dallas, San Francisco, and London.
As the real estate manager of NYL Investors, Real Estate Investors has over $69 billion under management, and more than 170 real estate investment professionals investing in 40 states and 150 markets across the U.S. Strategies include commercial mortgage lending, real estate securities, and private equity real estate investing and are offered across a range of vehicles, including funds, separate accounts, and programmatic joint ventures.
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