Lincoln Property Co. has purchased the five-building Activity Business Center office park in Miramar for $19.15 million, the Dallas-based company announced.
The seller of the nine-acre property, with buildings totaling 160,943 square feet, was an affiliate of Toronto-based Brookfield Property Partners. A Lincoln Property statement said the the office park was 83 percent leased at the time of sale, with tenants including Quest Diagnostics, NRG Home Solar and H&R Block.
The property includes buildings at 9235, 9245 and 9265 Activity Road, and 9520 and 9530 Padgett St.
Lincoln Property represented itself in the transaction, with the seller represented by Rick Reeder, Brad Tecca and Bryce Aberg of DTZ, now known as Cushman & Wakefield.
The buyer plans an exterior remodeling of the property, including painting, landscaping and parking improvements, and enhanced signage. The purchase marks Lincoln Property’s sixth San Diego County acquisition in the past six quarters.
The privately held Lincoln Property Co. was founded in 1965 and has 40 offices in the U.S. and Europe, including one in downtown San Diego. The company owns and manages more than 12.5 million square feet of office, industrial and retail properties in Southern California.