Mike Severson, vice president of acquisitions and developmentfor Bixby Land Co., describes the Via Vera Cruz building as "awell-positioned asset leased to a long-term credittenant” in one of San Diego’s strong industrialsubmarkets. Bixby bought the property from Veritek, which is awholly owned subsidiary of NuVision Manufacturing LLC. Veritek issigned to a NNN lease running through 2017 at the single-tenant,two-story property.

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The building is located in the center of the San Marcoscommercial industrial area on roughly six acres of land andincludes approximately 27,000 sf of office space.Both Bixby landand the seller were represented in the sale by Barry Hendler, MikeErwin and Justin Beattie of Grubb & Ellis|BRE Commercial.

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[IMGCAP(2)]The Emri Group's partner in its acquisition isBaltimore-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.

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The Oberlin Drive building, which is 78% leased, was constructedin 1985 and primarily targets mid-sized tenants with both officeand R&D space needs. The property is centrally located lessthan a mile from Interstate 805, a major San Diego arterial, andtwo miles from Interstate 5, a major West Coast north/southarterial. Its two major tenants are OnmiCare and Tensys.

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Emri Group principal Bob Emri says that the property "is in astrong position to gain a competitive edge within the market fortenants seeking affordable, quality R&D space" because of thesignificant barriers to new construction, lack of comparableavailable space and rising rental rates for R&D spacethroughout San Diego County. The acquisition marks the first jointventure between ABR and the Emri Group.

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Both the buyer and the seller, an individual investor, wererepresented by Mickey Morera and Tim Hoag of Cushman &Wakefield’s San Diego office. The Cushman & Wakefieldteam also landed the leasing assignment for the building.

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