Lincoln Property Co. has purchased a two-building office and industrial park in Carlsbad for $11.9 million, the Dallas-based investment and development firm announced.
Officials said the buildings, totaling 68,392 square feet at 5993 and 5999 Avenida Encinas, were 80 percent occupied at the time of the transaction. The buyer and seller were represented by Rick Reeder and Aric Stark, of brokerage company DTZ.
According to CoStar Group, the buildings were constructed on 4.2 acres in 1986, and their most recent owner was Providence Carlsbad Corporate Center LLC of Encinitas.
Lincoln Property plans “substantial upgrades” to landscaping, exteriors and interiors. Officials said the acquisition marked the company’s fourth North County purchase in the past year.
Lincoln Property Co., which has a regional office in San Diego, oversees a nationwide portfolio of more than 12 million square feet of office, industrial and retail properties.