LPC West Acquires Office and Retail Complex in San Diego County
DEL MAR, Calif., July 24, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces that LPC West, the West Coast division of Dallas-based Lincoln Property Co., has acquired the Polo Plaza office and retail complex in Del Mar, California for $27.5 million as the company continues to bolster its holdings across California. The mixed-use property spans a total of 57,253 square feet at 3702 and 3790 Via De La Valle in the North Central submarket of San Diego County.
Ben Tashakorian, the IPA senior managing director who represented the seller, said the property is a “highly sought-after, iconic asset” due to its proximity to the Del Mar coast and its location near the entrance to the similarly upscale community of Rancho Santa Fe.
The office inventory in this upscale coastal city is small relative to its neighbors, and properties there generally don’t trade frequently. Polo Plaza was built in 1987 and was sold by its original developer, Plaza Partners of San Diego.
The property was 92 percent occupied at the time of its acquisition. The buyer plans to renovate the two-building, two-story, Mediterranean-style Polo Plaza, which is named for its location across from the Del Mar Polo Fields. Upgrades will include a new paint scheme, monument sign, exterior lighting, furniture, landscaping and parking lot improvements. The property will also get a new café offering breakfast and lunch in a modernized indoor-outdoor setting, and some offices will be renovated to offer shared office suites with related amenities.