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69-Acre R&D Facility Trades for $4.1-Mil

VISTA, CA-The executor of a living trust has bought a 65,000-sf industrial research and development building in the 69-acre Palomar Corporate Center for just under $4.1 million.

By Randyl J. Drummer | Updated on January 09, 2002

VISTA, CA-A 65,000-sf industrial research and development building in the 69-acre Palomar Corporate Center has been sold for just under $4.1 million.

The property at 3235 Executive Ridge Drive was purchased by 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.

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