4/2/2008

JV pays $11.4M for San Diego R&D building

by
A joint venture between Vancouver, Canada-based Emri Group and Baltimore, Md.-based Alex Brown Realty has purchased a 57,200 square foot research and development/office building in San Diego, Calif., for $11.4 million.

The deal was brokered by Mickey Morera and Tim Hoag of Cushman & Wakefield.

The building is located at 5825 Oberlin Drive in San Diego's Sorrento Mesa submarket. Built in 1985, it is currently 78 percent occupied to OnmiCare and Tensys. The R&D/office building is a Class B property that caters primarily to mid-sized tenants. Wrightwood Capital provided $9.925 million in financing for the acquisition.

The Emri Group invests in commercial, residential and industrial properties in the western United States and western Canada.

Real estate investment firm Alex Brown Realty recently sold a 78,716 square foot office building in Baltimore to Hampshire Cos.

Address: 5825 Oberlin Drive, San Diego, Calif.

Size: 57,200 square feet

Built: 1985

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Filed Under: Mixed Use

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