Mike Severson, vice president of acquisitions and development for Bixby Land Co., describes the Via Vera Cruz building as "a well-positioned asset leased to a long-term credit tenant” in one of San Diego’s strong industrial submarkets. Bixby bought the property from Veritek, which is a wholly owned subsidiary of NuVision Manufacturing LLC. Veritek is signed to a NNN lease running through 2017 at the single-tenant, two-story property.
The building is located in the center of the San Marcos commercial industrial area on roughly six acres of land and includes approximately 27,000 sf of office space.Both Bixby land and the seller were represented in the sale by Barry Hendler, Mike Erwin and Justin Beattie of Grubb & Ellis|BRE Commercial.
[IMGCAP(2)]The Emri Group's partner in its acquisition is Baltimore-based Alex Brown Realty. An Alex Brown value-added fund, called ABR Chesapeake Fund III, provided an equity commitment of $2.9 million to the venture.
The Oberlin Drive building, which is 78% leased, was constructed in 1985 and primarily targets mid-sized tenants with both office and R&D space needs. The property is centrally located less than a mile from Interstate 805, a major San Diego arterial, and two miles from Interstate 5, a major West Coast north/south arterial. Its two major tenants are OnmiCare and Tensys.
Emri Group principal Bob Emri says that the property "is in a strong position to gain a competitive edge within the market for tenants seeking affordable, quality R&D space" because of the significant barriers to new construction, lack of comparable available space and rising rental rates for R&D space throughout San Diego County. The acquisition marks the first joint venture between ABR and the Emri Group.
Both the buyer and the seller, an individual investor, were represented by Mickey Morera and Tim Hoag of Cushman & Wakefield’s San Diego office. The Cushman & Wakefield team also landed the leasing assignment for the building.
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