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| 2611 Business Park Drive, Vista, CA |
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| CJ Stos |
SAN DIEGO, CA (Dec. 8, 2014) – SR Commercial, a privately
held, full-service commercial real estate investment company, has completed a
full-cycle repositioning project in Vista, California with the $13.55 million
sale of a 128,531 square-foot, Class A industrial property.
SR Commercial acquired the property in February 2013 for $79
per-square-foot and was able to sell the building for $105.50 per-square-foot
after implementing its strategic rehab and repositioning plan, according to CJ
Stos, a Principal at SR Commercial.
“The current investment climate requires rapid and strategic
action from property owners and investors,” explains Stos, who founded SR
Commercial along with partner Adam Robinson.
“This particular
project exemplifies our firm’s ability to quickly acquire and reposition
properties; resulting in additional quality product for the supply-constrained
Greater San Diego industrial market.”
This single-tenant manufacturing and distribution building,
which is situated on nearly ten acres of land and includes approximately one
acre of outside storage, was initially constructed as a build-to-suit for
Dimension One Spas in 2001.
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| Adam Robinson |
The property served
as Dimension One’s corporate headquarters until its leaseback agreement with SR
Commercial came to term in November 2013.
“When we acquired
the property, we immediately implemented exterior improvements, followed by
interior enhancements after the building was vacant, which boosted the
property’s appearance and functionality,” notes Stos.
“After completing all improvements in early 2014, we
aggressively marketed the project and secured a buyer with help of our broker
partners within seven months.”
Joe McDermott, Ron King, and Bob Willingham of
Cushman & Wakefield represented SR Commercial as the seller. The buyer,
KI-Vista-LPSM LLC, was represented by Colliers International.
According to Cushman & Wakefield, the buyer secured a
lease during escrow with Escondido-based Stone Brewing Co. for its new national
distribution center.
The property is located at 2611 Business Park Drive
in Vista, California.
For a complete copy of the company’s news release, please
contact:
Amanda Alenick Brenner/ Jenn Quader
Brower, Miller &
Cole
(949) 955-7940
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