Lincoln Property sells Fortune Business Park for $27M
The buyer is the American arm of Deutsche Asset Management
Lincoln Property Company sold an industrial warehouse at 13668 Valley Boulevard in the City of Industry for $27.2 million to Deutsche Asset Management, the U.S. subsidiary of German Deutsche Bank Group, last month, The Real Deal has learned.
LPC has owned the 157,900-square-foot site, known as the Fortune Business Park, since September 2006, when it acquired it for $22.3 million, records show.
Tenants at the Class A business park include NRG Innovations, a manufacturer of racing auto-parts, and the headquarters of Boiling Point, a hot pot restaurant chain.
JLL had the listing.
The massive Deutsche Asset Management owns a total of 1,237 properties in the United States, worth over $26 billion, according to Real Capital Analytics. Approximately 44 of those properties are in Los Angeles.
The seller, Dallas-based LPC, has been steadily increasing its presence in the California region. It owns massive commercial projects in Los Angeles, including the 566,000-square-foot Wateridge complex and the reconstructed Pen Factory in West L.A. It developed and sold the Runway at Playa Vista.