Vancouver's Emri Group Ltd. has invested $37 million acquiring two commercial properties in southern California.
The real estate investment firm bought the properties for what it believes are below current market and replacement prices.
Both of the properties are one-storey office buildings located near San Diego, and Emri expects that the current tenants, Omnicare Pharmaceuticals and ResMed Corp., will continue their lease agreements.
The company said its confident the investment will accrue significant value.
Emri has made news since its formation in 2005 for repeated investments in the Golden State, especially in Silicon Valley.
The firm has a portfolio that includes one million square feet of commercial and industrial space.