SAN DIEGO--(BUSINESS WIRE)--Equity Oak Ventures, LLC today announced the $22.5 million all cash, off-market acquisition of two Industrial/R&D assets in San Diego, CA. The two-building portfolio includes 1900 Aston Avenue, a 100 percent leased 44,757 square foot industrial/R&D corporate headquarter asset within the Carlsbad Research Park, and the 100 percent leased 42,862 square foot industrial business park located at 11225-11245 W. Bernardo Ct. in Rancho Bernardo.
“The two 100 percent leased assets are located in the key and highly desirable North County San Diego submarkets of Carlsbad and Rancho Bernardo,” said Chris Elmendorf, Co-Founder and Managing Director, Equity Oak Ventures. “While 100 percent leased, both these assets present significant untapped value given their premium locations in submarkets with strong market fundamentals. We intend to maximize that value.”
The portfolio was an off-market opportunity originated by Equity Oak Ventures. Equity Oak Ventures acquired the portfolio in an all-cash transaction with Five Horizon Partners and a confidential Limited Partner. Equity Oak Ventures and Five Horizon Partners have formed a strategic operating partnership that brings together proven real estate innovators who share both an investment philosophy as well the same core corporate values.
“This transaction validates the approach that Equity Oak Ventures has taken to identify and acquire well-located industrial/R&D assets in key markets,” said Bill Doyle, Co-Founder and Managing Director, Equity Oak Ventures. “While the capital markets remain volatile and uncertain, the operating partnership with Five Horizons Partners enables us to be strategically bullish in our investments and continue to drive value with the acquisitions we make.”
“We are very excited to partner with Equity Oak Ventures in this first of many transactions,” said Miles Treaster, Five Horizons Partners. “Providing capital solutions for strong operators, such as Equity Oak Ventures, aligns with our goal to build platforms and create greater value together.”
About Five Horizon Partners
Five Horizons Partners (“FHP”) was formed to fill a void in the current real estate investing environment: providing both co-GP capital and strategic expertise to real estate operating platforms that are looking for a programmatic partner to help grow their business.
Investing on behalf of its investors in FHP GP Fund I, totaling approximately $78M, FHP’s investment strategy is market and asset sector agnostic, investing across the continental U.S. in different real estate classes.
About Equity Oak Ventures
Equity Oaks Ventures, founded by Bill Doyle and Chris Elmendorf, is a privately held commercial real estate company focused on the acquisition, management, and stabilization of value-add and opportunistic office, R&D, life science, and industrial investments throughout the Western United States. The company has mature relationships and detailed market knowledge allowing the firm to originate, acquire and manage unique investment opportunities with the goal of maximizing returns to our investors and partners. More information can be found at https://equityoakventures.com/
