The property is located at 3235 Executive Ridge Drive. The buyer was Joseph H. Martin, trustee of the Joseph H. Martin Living Trust. Martin is founder and president of Sherline Products Inc., which occupies the new corporate headquarters building. In business since 1972, the company manufactures miniature machine tools and accessories for hobbyists.
The seller was Moxie Pacific Palomar LLC. Managing members are Jerry Sarazin, Ted Weeks III and Irwin Zahn. In June1999, a 10-year lease was executed between Moxie Pacific Palomar, LLC and Martin for the build-to-suit property. Sherline Products moved into the completed building in May 2000. Martin executed an option to purchase the property in June 2001 and escrow closed on Nov. 2.
Jerry Sarazin of Colliers International represented Moxie Pacific Palomar, LLC and Martin in both the lease and sale transactions.
Sherline Products is the third Palomar Corporate Center tenant to exercise a purchase under the lease option program offered by the owner. Other Palomar Corporate Center tenants include Denso America Wireless Systems, Fish House Foods, Inc., ExtractsPlus, Cardiff Software, American Faucets and Fixtures, Inc. and Earthlite, Inc.
TFW Construction Co. handled the construction of the build-to-suit facility, designed by Bruce Steingraber of Progressive Images in Architecture. To date, new construction consisting of approximately 660,000 sf has been completed in the 69-acre development.
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