CARLSBAD, Calif.–(BUSINESS WIRE)–Jun 21, 2022–
LPC West, the West Coast arm of national real estate firm Lincoln Property Company, in a joint venture with alternative investment firm Angelo Gordon, has acquired a single-story industrial building located in Carlsbad, a San Diego County community with a robust life sciences footprint.
Uniquely positioned for a life science manufacturing tenant, the building at 1695 Faraday Ave. measures approximately 63,000 square feet, features 26-foot minimum clear height and ample power (3,000 amps). The building sits on 4.1 acres and is conveniently located near the I-5 freeway, the Carlsbad Poinsettia Commuter rail and the McClellan-Palomar Airport.
The building is LPC West’s second life science manufacturing acquisition with Angelo Gordon, a $50 billion alternative investment firm focused on credit and real estate investing, in the past six months.
“The life sciences manufacturing sector continues to experience robust demand from both tenants and investors,” said Benjamin Bucci, Senior Vice President of LPC West’s San Diego region. “The LPC and Angelo Gordon partnership will continue to seek out opportunities to expand the life science manufacturing strategy.”
“On behalf of LPC West and Angelo Gordon, a special thank you to Chris Roth and Rusty Williams of Lee & Associates for representing LPC in this transaction and Dennis Visser & Weston Yahn of Cushman & Wakefield for their excellent execution,” said Scott Moffatt, Executive Vice President of LPC West’s San Diego region.
Carlsbad is home to over 100 biotech companies, including major national and global leaders such as Thermo Fisher Scientific, Medtronic and Beckman Coulter. Other international companies such as Pfizer, Takeda and Eli Lilly also maintain a presence in the greater San Diego area.
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 and over 216,000 multifamily residential units. Lincoln Property Company is the second-largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held alternative investment firm founded in November 1988. The firm currently manages approximately $50 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 600 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.
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CONTACT: Caroline Riley
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ARCHITECTURE OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY BUILDING SYSTEMS REIT
SOURCE: Lincoln Property Company
Copyright Business Wire 2022.
PUB: 06/21/2022 01:01 PM/DISC: 06/21/2022 01:02 PM
Copyright Business Wire 2022.