A Sorrento Mesas industrial building has been sold for $10.4 million.
LPC West, Inc. bought the 62,400 square-foot building at 9877 Waples St. on a 3.5 acres site from MVP Waples, LLC.
LPC West is the West Coast operating company of Lincoln Property Company, based in Dallas.
“We are responding to many life science and technology companies approaching us with interest in lower cost flex buildings,” said Brig Black, executive vice president of LPC West.
“These types of buildings need investment, but are well located, flexible, offer great clear height and convert nicely into indoor-outdoor lifestyle destinations for San Diego’s growing research community,” Black said. “We plan to reposition this asset into a best-in-class facility with outdoor amenities and significant infrastructure upgrades.”
Ben Tashakorian of Marcus & Millichap’s Institutional Property Advisors represented LPC West. The seller represented itself.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.