62,000 square feet of the property available for lease
SAN DIEGO–(BUSINESS WIRE)–LPC West, the West Coast arm of national real estate firm Lincoln Property Company, in a joint venture with Crow Holdings Capital, has acquired 491 C Street, an industrial distribution building encompassing approximately 112,000 square feet in Chula Vista, the second-largest city in the San Diego metropolitan area. The sale represents the first time the property has changed hands since it was developed in 1992.
Located within one of Southern California’s most active regions, the property is situated at the axis of SR-54 and the I-5, two of the region’s major thoroughfares. The property also has seamless access to important area landmarks including Downtown San Diego, the Port of San Diego, and the Otay Mesa Port of Entry at the U.S-Mexico border.
Approximately 62,000 square feet of low-finish warehouse and distribution space is available for lease. The leasable space features ample truck storage, ten dock positions, a cross-dock appendage with ten additional dock positions, 24-foot minimum warehouse clearance, and two drive-in doors, making the space ideal for a variety of tenants seeking premier coastal distribution space in Southern California.
“491 C Street is a high-quality, functional industrial asset located in the increasingly tight Chula Vista submarket. Industrial product of this quality and vintage is rare within infill locations, making this investment particularly compelling,” said Ben Bucci, Vice President of LPC West’s San Diego Region. “On behalf of LPC West, I’d like to thank Ron Bement with Newmark Knight Frank and Skye Cook with Cushman & Wakefield for their hard work and partnership on this transaction.”
LPC West San Diego office has had significant growth over the past 12 months, both in acquiring properties and new development. The firm now owns and manages nearly 1.6 million square feet of commercial property in the San Diego region with an additional 450,000 square feet currently under development. Most recently, LPC West acquired nearly 30 acres in Oceanside for a planned state-of-the-art industrial campus. Last year, LPC West purchased 21 acres in San Diego’s Kearny Mesa, where the firm will break ground on a 300,000 square foot industrial project in the first quarter of 2021.
“This transaction advances our multi-year strategy of acquiring, re-positioning and developing in-fill industrial projects throughout San Diego,” said Brig Black, Executive Vice President of LPC West’s San Diego 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.