Lincoln Property Company Appointed Court Receiver of 71,112 SF Sierra Pacific Spectrum Buildings

PHOENIX, AZ--(Marketwire - Jun 16, 2011) - The Phoenix office of Lincoln Property Company, a full-service real estate firm providing property management, receivership services, leasing, development and construction management, announced that it has been appointed court receiver for the Sierra Pacific Spectrum Buildings, located at 10201 and 10235 South 51st Street, in Phoenix, Arizona.

As the court-appointed receiver, LPC is responsible for operating, repositioning and protecting the assets, which consist of 71,112 square feet of office space, during the transition period.

"We believe that our stability, commercial real estate expertise and extensive property management experience allow us to serve as a highly effective receiver," said David Krumwiede, Executive Vice President, Lincoln Property Company West Region.

"In our role as receiver, we are the local boots on the ground for lenders who are often out of state," explains Krumwiede. "We apply Lincoln's asset management best practices and our philosophy to the properties with the ultimate goal of enhancing the value of the assets for all parties."

Lincoln Property Company will oversee leasing and property management. "This will be a seamless transition for tenants in both buildings," said Krumwiede.

Lincoln's West Regional office, based in Phoenix, Arizona, currently manages nearly 5 million square feet of office, retail and industrial space.

LINCOLN PROPERTY COMPANY

Founded in 1965, Lincoln Property Company (Lincoln) is nationally recognized for its full-service, vertically integrated institutional investment and property management platform. Lincoln has approximately 4,400 employees and maintains a presence in more than 200 U.S. cities and 10 countries. Since 1965, Lincoln has acquired and developed approximately $34.3 billion of residential and commercial property. The company currently manages over 119 million square feet in the United States. Lincoln is ranked by Commercial Property News as one of the largest developers and property managers in the United States.

Lincoln's West Regional office, based in Phoenix, Arizona, has developed in excess of 2.9 million square feet, acquired 2.1 million square feet and manages 4.7 million square feet of commercial space. Lincoln is consistently ranked in the Phoenix Business Journal Book of Lists. For more information, visit www.lpcphx.com.