LPC West and Cerberus Capital Management LC have acquired nearly 30 acres in Oceanside, California. No financial terms were disclosed. The property will be developed into an industrial campus.
SAN DIEGO–(BUSINESS WIRE)–LPC West, the West Coast arm of national real estate firm Lincoln Property Company, together with an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, have acquired nearly 30 acres in Oceanside, California with plans to develop a modern industrial campus. The property is one of the last large entitled industrial sites in San Diego County.
The site is located within Ocean Ranch, a more than 400-acre development that has emerged as a corporate hub for several Fortune 500 companies.
“This is one of the last large entitled industrial sites in San Diego County at a time when the demand for industrial space is continuing to grow,” said Scott Moffatt, Senior Vice President of LPC West’s San Diego office. “Together with Cerberus, we plan to build highly efficient industrial buildings that will meet the needs of tenants looking for quality industrial space in the San Diego region. We are thrilled to partner with Cerberus to bring our shared vision to life.”
Ocean Ranch is located near the I-5 Freeway between Highways 76 and 78, providing easy access to Southern California’s most active regions including Los Angeles, Riverside, Orange County and San Diego.
“With Oceanside’s strategic location, the area has become an attractive region in Southern California for leading companies,” said Tom Wagner, Head of North American Real Estate at Cerberus. “This is a great opportunity to develop a best-in-class industrial campus in Oceanside and we look forward to partnering with LPC West to provide high-quality, efficient spaces for future tenants.”
The 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 1.5 million square feet of commercial property in the San Diego region with an additional 450,000 square feet currently under development.
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.
Founded in 1992, Cerberus is a global leader in alternative investing with over $42 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.