Lincoln Property secures $65M refinance of West LA office campus

Lincoln Property has landed a $65 million loan to refinance a six-building office and retail campus in Ladera Heights.

An affiliate of the Dallas-based investor secured the five-year, fixed-rate loan from Deutsche Bank for the 583,600-square-foot Wateridge campus at 5035-5150 Goldleaf Circle, in the unincorporated area in West Los Angeles, the Commercial Observer reported.

The 21-acre property, built from 1989 to 2005, stands at La Cienega Boulevard and West Slauson Avenue, between Baldwin Hills and Culver City.

The mixed-use campus has three office buildings and is 80 percent leased to such tenants as the Kaiser Health Foundation, the County of Los Angeles and Providence Health. It includes a medical office, a 24 Hour Fitness gym and a strip retail center.

The Lincoln Property affiliate bought the office campus in 2016 for $100 million, or $171 per square foot, according to the Observer, citing property records.

Brokers Todd Sugimoto, Mark Wintner and Chad Morgan of JLL helped Lincoln Property secure the refinancing package.

Lincoln Property, founded in 1965 as a developer of luxury family homes, now has more than 35 global offices and more than $20 billion in residential and commercial assets under management, according to its website, with projects worth another $20 billion in the pipeline.

In August, LPC West, the West Coast arm of Lincoln Property, filed plans to build a 309-unit apartment complex at 5700 Hannum Avenue in Fox Hills, in Culver City.

In the past decade, LPC West has been active in developing Culver City. In early 2021, LPC and Downtown L.A.-based Clarion Partners built a 128,000-square-foot office complex at 8777 Washington Boulevard, which they pre-leased to Apple.

Later that year, LPC and Clarion announced a four-story, 150,000-square-foot complex spanning 3817, 3835 and 3855 Watseka Avenue, in Downtown.

LPC and Broad Street Principal Investments then built the 280,000-square-foot Entrada office complex west of the 405 Freeway at 6163 Centinela Avenue.

— Dana Bartholomew

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