03.10.2017

Aperture Del Mar project set to start soon

San Diego Daily Transcript; March 7, 2017

 

Lincoln Property Co. could break ground on its Aperture Del Mar development in the Pacific Highlands Ranch master plan as early as the end of the year.The 630,000-square-foot property is divisible by 100,000-square-feet segments, but Lincoln Property has the option to lease the entire asset to a single user, similar to how Intuit leased the entire Santa Fe Summit Development in the mid-2000s.Intuit later paid Kilroy Realty $262 million to acquire the property — which sits across State Route 56 from Aperture — in early 2016.Lincoln Property bought the Aperture property from Pardee Construction, the master developer of Pacific Highlands Ranch, two years ago.Brig Black, Lincoln Property Co. executive vice president and San Diego regional partner, said while his firm doesn’t intend to break ground until at least 100,000 square feet is committed, the interest in the fully entitled property is strong.”It’s now ready to go,” he said. “This is one of the few large office sites that we have in the region.”We’ll very likely have three to six tenants. We’re are in discussions, though we only finished up our process with the city last month. We hope to attract one or more large corporate headquarters.”Black said high technology firms, life science companies, and medical users have each expressed an interest in the development.The leasing is being handled by Aric Starck, Brian Starck, and Rick Reeder of Cushman & Wakefield.The proposed 16-acre development, adjacent to the Canyon Crest Academy ballfields, is comprised of five four-story buildings. They largest is 153,600 square feet and the smallest is 102,500 square feet.While the phasing of the development has yet to be determined, Black said the initial portion will likely comprise 270,000 square feet in two buildings plus a parking garage.Subterranean parking will be present beneath each of the buildings, housing 835 spaces.The project is being designed by the Gensler global design firm, which emphasizes “hospitality inspired workspaces.””The campus is truly unique in that each building and floor has connectivity to the outdoor environment,” according to Lincoln Property. “We’ve achieved this through the inclusion of multiple balconies, pocket doors and exterior stairwells, which create the ultimate user experience and collision points in a central promenade.”Other features of the project are expected to include Bocce court, a half basketball court, an organic community garden and other features.”The outdoor spaces blend seamlessly with the indoor spaces and feature an organic bistro, boutique coffee roaster, event lawn, walking paths, an amphitheater, indoor and outdoor fitness as well as access to over 4,000 acres of running, biking and hiking trails,” Lincoln Property stated.”We designed the campus with a significant number of amenities,” Black said.The development has direct access to the Los Penasquitos Canyon Preserve and a wide range of shopping.Lincoln Property is the co-owner of 600 B Street in downtown San Diego, along with other office buildings and apartments in the county.