Veralliance Acquires $30M Office/Lab Portfolio

SORRENTO MESA, CA-Veralliance Properties, a San Diego-based real estate firm, has expanded its real estate holdings with the purchase of an office and lab portfolio. Veralliance acquired the properties from EOP-Industrial Portfolio LLC for $30.5 million.In the deal, Veralliance made its purchases through HCP VPI Sorrento II LLC, a venture that is co-owned by Veralliance Properties and Health Care Property Investors Inc. The JV acquired Pacific Corporate Park, a 105,000-sf, two-building campus located at 6175 and 6195 Lusk Blvd. in San Diego, for $20 million.It also purchased Westridge I, a 53,326-sf, two-building project located at 6455 and 6465 Nancy Ridge Dr., for $10.5 million. With these acquisitions, Veralliance now owns and manages over 750,000 sf of office, R&D and biotech space throughout San Diego County.Lynn LaChapelle and Bob Prendergast of Burnham Real Estate Oncor International, along with Mark Wayne, Tom van Betten and the Burnham Life Sciences Group, represented both Veralliance Properties and EOP-Industrial Portfolio LLC in the portfolio sale.”Pacific Corporate Center and Westridge met our criteria for location and market positioning,” says Dan Ryan, president of Veralliance Properties. Ryan adds that the two projects are leased to major tenants including Sangart Inc., Staccato Communications and La Jolla Pharmaceuticals.”Sangart, Staccato and La Jolla Pharmaceuticals are outstanding credit tenants with long-term lease commitments and we are very pleased to have them join our tenant portfolio,” Ryan says.Sangart is a biopharmaceutical company that develops innovative transfusion medicine solutions. Staccato Communications specializes in Ultra-Wideband radio technology, with expertise in Bluetooth and IP connectivity. La Jolla Pharmaceutical Co. develops treatments for autoimmune diseases. One product is Riquent, which is used for the treatment of lupus kidney disease.