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.
Latest Fintech Insights: Texas Partners Bank Partners with Legacy Mutual Mortgage
“Innovatus is excited to enter the San Diego market with its purchase of The Pinnacle”
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 13th 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.”
“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.
Browse The Complete News About Fintech : Synovus to Offer a New Mobile Virtual Visa Commercial Credit Card Solution
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.
“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.
Read More About Fintech News : CUSO Financial Announces New Partnership with Eglin Federal Credit Union
[To share your insights with us, please write to sghosh@martechseries.com]
