Rick Reeder and Aric Stark, of DTZ, represented the buyer and seller in the Deal of the Week.
The deal was the sale of the two-building, 68,392-square-foot research and development/office park at 5993 and 5999 Avenida Encinas, Carlsbad 92008, for $11.9 million.
The buyer was Avenida Encinias GP Inc., with Clay Duvall as vice president, 600 B St., Suite 2480, San Diego. The buyer is a unit of Dallas-based Lincoln Property Company.
The acquisition was financed with a loan of $9,735,000 from Independent Bank of Dallas.
The seller of the property was Providence Carlsbad Corporate Center LLC, a unit of Providence Capital Group Inc., with Paul A. Laubach as the president.
The two buildings were 80 percent occupied at the time of purchase.
“We plan to complete substantial upgrades to the landscaping, exteriors and interiors of the buildings to attract creative and lifestyle-oriented tenants,” according to Brig Black, executive vice president for Southern California, of Lincoln Property.
This is Lincoln Property's fourth purchase in north San Diego County in the past six months.
Last fall, the company acquired the three-building, 81,118-square foot Research Center Plaza, also in Carlsbad, at 2232, 2234 and 2236 Rutherford Road for $9.5 million. In early 2007, the Rutherford property was sold for $16.55 million.
Throughout Southern California, Lincoln Property owns and manages more than 12 million square feet of office, industrial and retail property.