Mike Severson, vice president of acquisitions and developmentfor Bixby Land, says that the company acquired the Poway propertyas an addition to its core industrial portfolio. He cites the lowmarket vacancy rates, the high quality of the facility and itsnearby amenities as factors that will produce "a stable return andsignificant rent growth in the future."

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

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The Poway deal follows Bixby's recent purchase of an 80,297-sfcorporate headquarters and manufacturing building in San Marcos for$14.8 million in a sale-leaseback. In that deal, the Irvine-basedprivate REIT bought a facility from Veritek Manufacturing LLC at237 Via Vera Cruz.

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Severson at the time of the deal described the Via Vera Cruzbuilding as "a well-positioned asset leased to a long-term credittenant" in one of San Diego's strong industrial submarkets. Veritekis a wholly owned subsidiary of NuVision Manufacturing LLC and issigned to a NNN lease running through 2017 at the single-tenant,two-story property.

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