 |
| SR Commercial Portfolio, Miramar, CA |
SAN DIEGO, CA – SR Commercial has acquired two commercial
assets encompassing nearly 300,000 square feet and totaling over $51 million of
total capitalization in San Diego County.
The company’s recent
acquisitions include a 235,472 square-foot portfolio of office, industrial and
retail product in Miramar, Calif.; and a 62,814 square-foot industrial/Flex
project in San Diego, Calif., according to Adam Robinson, a Principal at
SR Commercial.
“Competition continues to climb for high-quality investment
product in San Diego County,” explains Robinson, who founded SR Commercial
along with partner CJ Stos. “Limited opportunities combined with strong
tenant demand is beginning to drive rental rates upward in both office and industrial
markets. The result is that investment
properties on the market today are poised to deliver deep value to those
investors who are able to secure product.”
 |
| SR Commercial Portfolio, San Diego County, CA |
Robinson notes that SR Commercial has acquired over a
million square feet of investment product in the past 24 months, and plans to
continue to invest in large properties and portfolios throughout San Diego,
Orange County, Los Angeles, and the Inland Empire.
SR Commercial’s two most recent acquisitions include:
Acquisition 1: Mark II Portfolio in Miramar, Calif.
SR Commercial acquired the Mark II Portfolio, a 235,472
square foot, high-quality portfolio of office, industrial and retail product in
Miramar, Calif. for $40 million fully capitalized.
The portfolio, which
encompasses nearly 15 acres of land, is located near the intersection of
Interstate 15 and Miramar Road in Miramar, Calif. and consists of eight single
and multi-tenant industrial buildings, five multi-tenant office buildings, and
one retail/showroom building that is currently fully occupied by 24 Hour
Fitness.
 |
| Adam Robinson |
Acquisition 2: Morena Business Center in San Diego, Calif.
SR Commercial also recently acquired the Morena Business
Center, a 62,814 square-foot industrial property in San Diego, Calif., for $11
million fully capitalized.
The property was 74 percent occupied when acquired.
SR Commercial plans to renovate the vacant units, creating a
more modern build-out with polished concrete floors and exposed ceilings.
Additional improvements to the project will include new exterior paint, awnings,
and signage, as well as updated landscaping.
“We are experienced in transforming industrial product into
more creative spaces that are aligned with the demands of today’s tenants,”
explains Stos, who notes that SR Commercial has completed similar renovations
in more than seven other investment properties over the past 24 months.
“Based on the asset’s excellent location and
these modern renovations, we will have the opportunity to create deep value in
this property that will support a long-term hold.”
For a complete copy of the company’s news release, please
contact:
Amanda Alenick Brenner/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
No comments:
Post a Comment