Lincoln Property Co.has bought a two-building, 68,392-square-foot R&D/office park in Carlsbad for $11.9 million.
The two coastal Carlsbad buildings, at 5993 and 5999 Avenida Encinas, were 80 percent occupied at the time of purchase. Rick Reeder and Aric Stark of DTZ represented buyer and seller in the transaction.
“We are excited about this most recent purchase in the most prominent and visible coastal location in Carlsbad,” said Brig Black, executive vice president – Southern California of Lincoln Property Co. “We plan to complete substantial upgrades to the landscaping, exteriors and interiors of the buildings to attract creative and lifestyle-oriented tenants.”
The two-building office property just west of the I-5 Freeway off Palomar Airport Road is close to the beach and a plethora of retail and restaurant destinations.
This acquisition marks Lincoln Property Co’s fourth purchase in North County in the past year. A few months ago, Lincoln Property Co. acquired the three-building, 81,118-square foot Research Center Plaza, also in Carlsbad, located at 232, 2234 and 2236 Rutherford Road.
