Lincoln Property Company and Invesco Real Estate invest in Bay Area and San Diego markets
The two buildings in Fremont, located at 6801 Kaiser Drive and 6900 Paseo Padre Parkway, encompass approximately 185,790 square feet and are 100% leased to TE Connectivity. The portfolio’s San Diego property, commonly known as Pacific Corporate Center in Sorrento Mesa, consists of one building of approximately 134,000 square feet. The property is fully leased to Spectrum.
Colliers Institutional Capital Markets Team, led by executive vice presidents Andy Zighelboim, Kevin Moul, Bob Gilley and Brad Idleman, arranged the transaction. The seller were affiliates of Crown Realty & Development out of Costa Mesa, California.
“Given the robust economic growth within the science and technology sectors coupled with strong locations in two of the leading domestic markets, this acquisition made perfect sense for Lincoln Property Company and Invesco Real Estate to further their strategy in leveraging these economic drivers. The assets offer stable midterm cash flow with the flexibility to possibly create additional value in the future,” said Zighelboim.
As of recent, both Ardenwood Technology Park and Sorrento Mesa have been the beneficiaries of significant tenant demand from leading technology and life science companies including Facebook, TE Connectivity, Nueuralink, Lucid Motors, Boehringer Ingelheim, Cepheid, Hitachi, Sorrento Therapeutics, Dexcom, Phillips and Abbott Labs. Consistent with such tenant demand for space within the submarkets, both Ardenwood and Sorrento Mesa are experiencing 23% and 76% year over year rent growth, respectively. Such rent growth, along with mid-single-digit vacancy rates, further exhibits the attractiveness of these markets currently and into the future.
Allison+Partners for Colliers Northern California
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About FPA Multifamily
Invesco Real Estate is a global leader in the real estate investment management business with $87.0 billion in real estate assets under management, 597 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.