VEF Advisors LLC Acquires Scripps Corporate Plaza

SAN DIEGO-VEF Advisors LLC has picked up the Scripps Corporate Plaza office asset for $30 million, marking its first acquisition since the Value Enhancement Funds series split from Lend Lease Corp. Ltd. this past April. “We were formerly Lend Lease Real Estate Investments and we were spun off by management as VEF Advisors LLC,” says Carl Groner, VEF Advisors’ director of acquisitions for the Western United States. “We have about $2 billion and we are continuing to seek core-plus and value-add opportunities in all property types,” he tells GlobeSt.com.Scripps Corporate Plaza seemed like a natural fit for VEF Advisors, since the company owns a considerable amount of product located nearby the asset. The complex’s tenancy was also a strong selling point, as VEF was impressed with the main occupant, a pharmacy benefits management firm known as MedImpact. “We really enjoyed getting to know them and we are really pleased to have them as a tenant,” Groner says. MedImpact occupies the majority of Scripps Corporate Plaza’s largest facility, a six-story structure that stands at 10680 Treena St. Two other buildings also comprise the three-facility complex. These structures, which stand two stories and three stories high, are located at 10650 and 10670 Treena St. VEF Advisors plans to build “ready to move in” suites in one of the small buildings, according to Groner. The other small facility will be leased out in its entirety, “which would be able to provide a fantastic identity for a tenant,” Groner tells GlobeSt.com. Scripps Corporate Plaza was approximately 75% occupied at the time of sale.VEF Advisors was represented in-house in the recent transaction. Jay Borzi and Adam Edwards of Secured Capital Corp., along with Bret Gossett of CB Richard Ellis, acted on behalf of the seller, BCL/Hart Advisers.