LPC West and Alcion Ventures Acquire Industrial Building in Otay Mesa Near the U.S.-Mexico Border
86,680 square foot industrial property situated at a key point in the SoCal supply chain
SAN DIEGO–(BUSINESS WIRE)–LPC West, the West Coast arm of national real estate firm Lincoln Property Company, in a joint venture with Alcion Ventures, has acquired 7615 Siempre Viva Road, an 86,680 square foot industrial building in South San Diego just north of the Otay Mesa Port of Entry at the U.S.-Mexico border.
LPC West and Alcion acquired the property in an off-market transaction from an owner-user which focuses on the production and distribution of canvas artwork. The seller has owned and occupied the building since it was developed in 2003. Following the acquisition, the company will remain in the building as the sole tenant.
“We’re thrilled to acquire 7615 Siempre Viva Road, a best-in-class industrial asset in Otay Mesa. The property is located less than five miles from the U.S.-Mexico border, and will benefit tremendously from nearshoring trends as supply chains continue to evolve,” said Ben Bucci, Vice President of LPC West’s San Diego Region. “LPC West has focused on expanding our portfolio with well-located, high-quality industrial assets throughout San Diego County, and this project is an excellent addition. A special thanks to Chris Holder and Mark Lewkowitz of Colliers International for presenting us with this opportunity.”
The property is ideally suited to warehousing or distribution uses with 27.5-foot warehouse clearance heights, 21 dock-high doors, ample surface parking, and truck parking at the rear. LPC and Alcion are planning a series of capital improvements to the building, including replacing the roof, painting the exterior, and making improvements to parking and truck loading areas.
In addition to its proximity to the border, the property has easy access to the Port of San Diego and the region’s major thoroughfares, including State Routes 905 and 125. The property is easily accessible to both Mexico and Southern California’s most active regions including Tijuana, San Diego, Orange County, Riverside and Los Angeles.
The LPC West San Diego office has had significant growth over the past 18 months, both in acquiring properties and new development. The firm now owns and manages nearly 1.5 million square feet of commercial property in the San Diego region with an additional 450,000 square feet currently under development. In 2019, 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.
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 Alcion Ventures
Founded in 2005, Alcion Ventures is a real estate investment manager with extensive experience generating risk-adjusted returns for institutional investors through the active repositioning of assets across property types. Alcion’s senior team has worked together for over two decades resulting in a disciplined, thesis-driven investment strategy that leverages a deep network of relationships and targets seven major North American cities. Based in Boston, Alcion invests on behalf of major U.S. and international institutional investors including public and private pensions, endowment and foundations and high net worth individuals. For more information, please visit www.alcionventures.com.
Contacts
Molly Hogin
310-251-5360 │ [email protected]
