Lincoln Property sells industrial asset in central San Diego for $16m

Lincoln Property Co. has sold the fully leased 72,220-square-foot industrial facility on 2.32 acres in central San Diego, Calif., for $16.3 million.

The multi-tenant facility located at 5260 Anna Avenue was acquired by a private, high-net-worth family office out of Los Angeles as the upleg for their 1031 Exchange.

“5260 Anna is a best-in-class multi-tenant industrial building and one of San Diego’s most unique investment opportunities in one of its most innovative submarkets, Morena,” said Bryce Aberg, executive managing director. “The property is 100 percent leased to two well established tenants, together providing stable in-place income and secure cashflow. The property may also lend the potential for value enhancement through increasing the current under market rents.”

He added, “The property has benefited from the influx of retail businesses targeting the Mor