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| 2790 Business Park Drive, Vista, CA |
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| CJ Stos |
SAN DIEGO, CA– SR Commercial has recently completed two
acquisitions in the San Diego market - an 89,120 square-foot industrial/flex
property in San Diego, Calif., and a 48,208 square-foot office property in
Vista, Calif., bringing its current portfolio to 715,996 square feet as of
November 2013.
“Investor activity is strong in Southern California, and we
believe this momentum will continue,” says CJ Stos, co-founder and
Principal at SR Commercial.
“We have been extremely active buyers this year, completing
eight acquisitions in 2013 alone. In addition, we currently have 265,000 square
feet of office and industrial properties totaling more than $30 million under
contract, set to close before year end, and we plan to continue to actively
pursue new investments in San Diego, Orange County, the Inland Empire, and Los
Angeles moving forward.”
Stos notes that one challenge, especially in the San Diego
market, is identifying the right properties that provide the opportunity to add
value.
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| Adam Robinson |
“Pricing and debt continue to make this a good time to
acquire quality product; however, inventory is extremely limited,” Stos
says. “For that reason, it’s essential
for investors to forge strong partnerships with local brokers who can help them
to identify functional assets that will be able to perform well over time.”
SR Commercial’s most recent acquisition, an 89,120
square-foot flex/R&D/industrial building located at 2727 Kurtz Street in
San Diego, Calif., is an excellent example of a functional asset with
strong performance potential, according to Adam Robinson, co-founder and
Principal at SR Commercial.
The property was occupied by Eaton Electronics for over 25
years, but it is currently unoccupied.
“This building is unique in its positioning,” explains
Robinson. “As the only available
corporate headquarters building in the area, we immediately recognized the
opportunity to improve and market this property to both tenants and
owner-users.”
SR Commercial plans to implement extensive interior and
exterior upgrades and market the property for lease or sale.
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| Sean Williams |
Sean Williams of CBRE and Jeff Brown of
Cushman & Wakefield represented both SR Commercial and the seller, 2727
Ltd., in the $5.2 million transaction.
In addition, SR Commercial’s other recent San Diego
acquisition presents the opportunity for added value, according to Robinson,
who notes that tenants and investors in the San Diego market continue to seek
quality, upgraded space.
“Office tenants, in particular,
are seeking more modern, open spaces in which they can fuel creativity and
increase efficiency,” says Robinson.
“As an investor and owner, we take notice of these trends and implement
improvements that will make our properties more competitive in the submarkets
in which they are located.”
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| Jeff Brown |
SR Commercial recently acquired a 48,208 square-foot office
property located at 2790 Business Park Drive in Vista, Calif. The property, which was originally developed
as a build-to-suit for Cox Communications and used as a call center, is
currently unoccupied.
“We plan to upgrade all of the interior space in order to
expose the 12 to 14 foot ceilings on both floors, and install Solartubes, as
well as additional skylights,” explains Robinson. “Through these improvements, we will create a more open work
environment filled with natural light which will appeal to tenants, as well as
potential future buyers.”
SR Commercial acquired the property for $3.3 million, and
after extensive upgrades, plans to aggressively market the property as one of
the most cost-efficient office buildings in San Diego County with a lower lease
rate than the competition, according to Robinson.
Bob Willingham, David Onosko and Ron King of
Cushman & Wakefield represented SR Commercial as the buyer and Building
Properties, Inc. as the seller in the transaction.
For a complete copy of the company’s news release, please
contact:
Jenn Quader / Amanda Alenick
Brower, Miller & Cole
(949) 955-7940
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