Lincoln Picks Up LA Office Complex for $135M

LPC Realty Advisors I, LP, and affiliate of Dallas-based Lincoln Property Company, has purchased an office campus in West Los Angeles on behalf of a public pension fund client for a reported $135.3 million, or about $240 a square foot. The complex was sold by a joint venture between Mullen Co. of Irvine and Rockwood Capital of San Francisco, which bought the property for $136 million in 2007. Terms of the deal and representative agent information was not disclosed.

"Large office campuses are increasingly hard to come by in West LA's desirable market, so acquiring Wateridge was a unique opportunity for Lincoln, and certainly in line with our strategy,” said David Binswanger, Executive Vice President of Lincoln Property Company. "We see its potential to help meet demand for quality office space in this region.”

Lincoln's finance director, Stephen Lindgren, said he expects to draw tenants ranging from tech and media firms to law offices and accountants for the remaining space. "As Playa Vista and Corporate Pointe continue to tighten, we'll be able to offer a lower-cost alternative to be in those same markets,” he said.

Known as Wateridge, the 6-building Class A office campus in Ladera Heights sits on 21 acres at the corner of La Cienega Boulevard and Slauson Avenue with easy access to the 405 and 10 freeways. The property was originally constructed in phases beginning in 1989, with upgrades in 2010 to include additional parking, renovated common areas and improved landscaping; the property has since become a campus-style, multi-tenant facility with a diverse mix of office and retail tenants. Wateridge was approximately 70% leased at the time of sale, with major tenants including Evolve Media, Kaiser Permanente, and the Los Angeles County Department of Children and Family Services (DCFS).

For more news and information visit Blumberg Partners.

LPC Closes $71.6M Charlotte Office Tower Deal

LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, in conjunction with their local affiliate Lincoln Harris, has closed on the purchase of a 32-story office building in Charlotte, North Carolina for $71.6 million on behalf of a pension fund client. Holliday Fenoglio Fowler, L.P. (HFF) marketed the property, represented the seller in the transaction, a partnership controlled by the Durham-based Dilweg Companies, and also secured a $44.1 million loan on behalf of LPC to finance the purchase. Initial proceeds of $36.1 million were used for post-close acquisition financing, while the remainder will be used for future capital costs, according to a CPE report. The Dilweg partnership originally acquired the building in 2013 for $59.6 million.

"The market aggressively pursued 121 West Trade Street as buyers realized the building’s potential to harness very strong rents in the future,” said HFF senior managing director Ryan Clutter. "We are currently experiencing the strongest demand in the market for value-add office buildings located in strong CBD’s like downtown Charlotte. 121 West Trade Street was no exception as considerable capital aggressively competed for this asset."

Built in the 1990s and formerly known as Interstate Tower, 121 West Trade Street was designed by Kohn, Pedersen and Fox, with a dramatic two-story lobby featuring upscale green, black, and white marble and brass trim. The 329,930 square foot building is in the heart of downtown Charlotte within walking distance of amenities and attractions including The EpiCentre, Spirit Square Center for the Arts, Discovery Space Center, Time Warner Cable Arena, the Levine Center for the Arts, and the new Gold Line streetcar system. The property was 74% leased at the time of sale with major tenants including Chicago Bridge & Iron, SAS Institute, Caudle & Spears and Brookwood Associates.

For more news and information visit Blumberg Partners.