Lincoln Property Co. remains an active investor in area office properties, along with its recent development efforts.
The company recently closed on a six-building office portfolio of local buildings previously owned by Santa Ana-based Colton Co.
It paid about $74 million for the 400,000-square-foot collection of offices, which includes two buildings in Orange, two more in Laguna Hills, one in Anaheim and one in Lake Forest.
The buildings range from 46,000 to 98,000 square feet and are about 86% occupied.
Lincoln plans to “make high-impact aesthetic improvements along with base building capital to upgrade all building systems,” said Lincoln’s Parke Miller.
“The portfolio has a great mix of local, national and entrepreneurial high quality tenants and we aren’t trying to reinvent the wheel here. Rather, we are focused on restoring these assets into high quality jewel box type [of] office properties that will be best in respective class,” Miller said.
This purchase echoes a similar transaction that Lincoln closed last year.
In September, it purchased an eight-building portfolio of office buildings in Newport Beach and Irvine for $160 million with New York-based private equity firm Angelo Gordon & Co.
Those buildings total about 520,000 square feet, and sold for about $307 per square foot.
The Colton Co. collection sold for $185 per square foot.
