JV ACQUIRES 57,200-SQUARE-FOOT R&D/ OFFICE BUILDING FOR $11.4 MILLION

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SAN DIEGO — Vancouver, Canada-based Emri Group and Baltimore-based Alex. Brown Realty Inc. (ABR) have formed a joint venture to acquire a 57,200-square-foot research and development (R&D)/office building, which is located in San Diego’s Sorrento Mesa market, for $11.4 million. Built in 1985, the single-story, Class B property was 78 percent occupied at the time of acquisition. Major tenants of the property include OnmiCare and Tensys. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $2.9 million for the acquisition. Mickey Morera and Tim Hoag of Cushman Wakefield’s San Diego office represented the undisclosed seller in the transaction; Don Brenneman served as the West Coast acquisitions officer for ABR.

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