Lincoln Property Company has recently expanded its portfolio in Southern California by acquiring AMP&RSAND, a 350,000-square-foot office campus in San Diego's Mission Valley submarket. Purchased from CIM Group for $92 million, the two-building campus, known for its unique architectural character and robust amenity offerings, was once the headquarters of the San Diego Union-Tribune. According to a Business Wire statement, Scott Moffatt, Executive Vice President of Lincoln, emphasized the firm's confidence in the dynamic San Diego office market and the growing demand for high-quality, amenitized spaces that foster collaboration and employee retention.
The acquisition deal, aided by CBRE's Matt Carlson and Hunter Rowe, saw the securing of financing by Scott Peterson, Michael Kolcum, and Colby Matzke from CBRE's Debt & Structured Finance practice. Ampersand's advantageous location is just off Interstate 8, providing convenient access to major thoroughfares and San Diego's economic hubs, as highlighted in a report by Connect CRE. With amenities like a fitness center, showers, lockers, and sky bridges connecting tenant spaces, it is a coveted workplace that stands out in the San Diego market.
Reflecting on the journey of AMP&RSAND, Matthew Carlson shared in a LinkedIn post the project's transformation from a press building into a modern creative campus. A key milestone was signing a 100,000-square-foot anchor tenant as the renovation neared completion in 2018, which leveraged the site's comprehensive amenities. Despite facing challenges during the pandemic with a shift to working from home, AMP&RSAND has since stabilized, and the final vacant space presents a unique opportunity for creative use.
AMP&RSAND, previously home to the Union-Tribune for over four decades, includes features that cater to the tastes of today's workforce. Significant for their architectural significance, certain areas of the property boast 30-foot ceilings, appealing to businesses seeking aspirational space. Having facilitated the sale, CBRE underscored this blend of historic charm with modern features, creating a differentiated San Diego office experience.
