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Press release content from Business Wire. The AP news staff was not involved in its creation.

Innovatus Capital Partners and LPC West Acquire 5-Story Office Building in Leading San Diego Technology and Innovation Center

January 4, 2022 GMT

SAN DIEGO--(BUSINESS WIRE)--Jan 4, 2022--

Innovatus Capital Partners, LLC has acquired The Pinnacle, a five-story office building in the heart of Rancho Bernardo, a San Diego community that is home to some of the world’s leaders in technology and innovation. LPC West, the West Coast arm of national real estate firm Lincoln Property Company, has been retained to provide property management services.

Located along the Interstate 15 corridor on the city’s northeastern edge, The Pinnacle features 110,128 rentable square feet of Class A office space, with 100% current occupancy. Rancho Bernardo includes a strong array of technology- and innovation-oriented Fortune 500 mainstays, including Apple, Amazon, HP, Sony, Caterpillar, Northrop Grumman and more.

This is Lincoln Property Company’s 13 th U.S. transaction with Innovatus.

“The acquisition of The Pinnacle is further evidence of Innovatus identifying and acquiring best-in-class office properties in high growth micro markets,” said Bradley Seiden, Managing Director, Innovatus. “Our national partnership with Lincoln Property Company allows us to have unique access to broad national property markets and entering the growing San Diego technology and life science market has been a goal for some time.”

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“Our team is thrilled to partner with Innovatus in the purchase of this asset. The Pinnacle is the preeminent Class A office building on the I-15 corridor and is well positioned as companies return to the office in 2022,” said Scott Moffatt, Executive Vice President of LPC West’s San Diego region.

Built in 2007, The Pinnacle recently underwent a series of capital improvements including lobby renovations, upgraded shower and locker rooms, new landscaping, and EV charging stations. The property, located at 10920 Via Frontera, features 22,000 square-foot floor plates and unobstructed canyon and mountain views in the distance. The building is Energy Star certified.

LPC West looks forward to providing property management services and support ongoing leasing activity at The Pinnacle. “LPC West is extremely pleased to partner with Innovatus for its first San Diego acquisition. The asset’s quality is unrivaled, and its location is at the axis of the San Diego tech movement. A special thanks to Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and the entire JLL team,” said Ben Bucci, Senior Vice President of LPC West’s San Diego region.

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“Innovatus is excited to enter the San Diego market with its purchase of The Pinnacle,” said Tom Wasko of Innovatus. “The property’s Class A quality, and unique amenity package of underground parking and fitness center, coupled with its location in the burgeoning I-15 corridor submarket has attracted name brand government and private sector tenants. Innovatus is a believer in long-term growth in the market with companies such as Apple and Amazon expanding their presence in San Diego. We look forward to working closely with our tenants and LPC West in maintaining this asset’s reputation as being one of the top office assets in the area.”

San Diego has the nation’s third-largest concentration of life sciences companies, fueled by a strong base of defense, healthcare services, education, technology, and life-sciences institutions. Top research institutions in the area include UC San Diego, San Diego State University, University of San Diego, and the Scripps Research Institute. The region is a leader in patent generation, IP acceleration, as evidenced by record year-over-year funding in the region.

About Lincoln Property Company

Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is the second-largest apartment manager in the United States. Access www.lpcwest.com for more information.

About Innovatus Capital Partners, LLC

Innovatus Capital Partners, LLC, is an independent adviser and portfolio management firm with approximately $1.6B in assets under management. Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220104006027/en/

CONTACT: Caroline Riley

916-893-1848 │caroline@sugermangroup.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT

SOURCE: LPC West

Copyright Business Wire 2022.

PUB: 01/04/2022 04:37 PM/DISC: 01/04/2022 04:38 PM

http://www.businesswire.com/news/home/20220104006027/en