Mike Severson, vice president of acquisitions and development for Bixby Land, says that the company acquired the Poway property as an addition to its core industrial portfolio. He cites the low market vacancy rates, the high quality of the facility and its nearby amenities as factors that will produce "a stable return and significant rent growth in the future."

Hallmark Circuits Inc., a print circuit board supplier, occupies the facility on a long-term, triple net lease and uses the facility as its corporate headquarters, warehouse and manufacturing plant. The property is situated on more than six acres of land just northeast of the intersection of Scripps Poway Parkway Community Road in the Poway Business Park. Bixby bought the property in a deal brokered by Craig Fitterer of Lee & Associates.

The Poway deal follows Bixby's recent purchase of an 80,297-sf corporate headquarters and manufacturing building in San Marcos for $14.8 million in a sale-leaseback. In that deal, the Irvine-based private REIT bought a facility from Veritek Manufacturing LLC at 237 Via Vera Cruz.

Severson at the time of the deal described 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. Veritek is a wholly owned subsidiary of NuVision Manufacturing LLC and is signed to a NNN lease running through 2017 at the single-tenant, two-story property.