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| 2120 and 2122 West Mission Road, Escondido, CA, North San Diego County, |
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| Adam Robinson |
SAN DIEGO, CA (Feb. 24,
2014) – SR Commercial, a privately held, full-service commercial real estate
investment company, has acquired two properties encompassing 79,294 square feet
in Southern California, bringing its current portfolio to 813,839 square feet
as of February 2014, according to Adam Robinson, a Principal of SR Commercial.
“Our newest acquisitions,
located in San Diego and the Inland Empire, reflect an increased tightening
within the industrial and office markets throughout Southern California,” says
Robinson, who founded SR Commercial with CJ Stos.
“Quality product continues
to be scarce. However, today’s market
offers a number of potential ‘diamond in the rough’ properties, which provide
the opportunity to add deep value and substantially increase net operating
income and overall value.”
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| CJ Stos |
Robinson notes that both of
the firm’s recently acquired assets are value-add properties, and SR Commercial
intends to implement improvements and repositioning strategies on each
property.
SR Commercial’s recent
acquisitions in San Diego and the Inland Empire include:
Acquisition #1:
SR Commercial Acquires
Multi-Tenant Industrial Park in Escondido, CA
SR Commercial has acquired
a 40,154 square-foot industrial property located at 2120 and 2122 W. Mission
Road in the city of Escondido, in North San Diego County, for a total
consideration of $3.1 million.
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| Conor Boyle |
The Nordahl Center, which
SR Commercial plans to rename Gateway @ Mission, is a retail/industrial park situated on 2.11 acres and consisting of
a 36,877 square-foot multi-tenant building and a 3,277 square-foot
single-tenant building.
The property is currently
66 percent occupied by 11 industrial tenants.
“Based on high vacancy and
deferred maintenance at this property, we were able to negotiate a competitive
purchase price on the asset, providing ample opportunity to implement
improvements and reposition the property moving forward,” says CJ Stos, a
Principal with SR Commercial.
SR Commercial plans to
utilize its in-house management team to upgrade the building’s facade and
interior units, and to repair all deferred maintenance issues, according to
Stos.
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| John Witherall |
Coinciding with its
repositioning of the property as “Gateway @ Mission,” the firm will work
closely with Conor Boyle and John Witherall of Colliers in order to market
vacant suites to retail and industrial users.
“This is an excellent time
to own quality industrial space available for lease,” says Stos, who notes that
lease rates continue to rise as vacancy declines in the Greater San Diego
industrial market. “We anticipate that
we will have the opportunity to incrementally capture rising rents as the
property’s current leases roll over.”
Both SR Commercial and the
seller, a private investor, were represented by Bryce Aberg and Brant Aberg of Cassidy Turley and Mike Erwin
and Tucker Hohenstein of Colliers in
the transaction.
SR Commercial Acquires a Class A Office Property in Murrieta, CA
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| 38670 Sky Canyon Drive, Murrieta, CA |
Acquisition #2:
SR Commercial has acquired
a 39,140 square-foot, Class A, two-story professional office building located
at 38670 Sky Canyon Drive in Murrieta,
Calif. for a total consideration of $2.9 million.
The property, which was
built in 2008 as a speculative development, is currently vacant and in warm
shell condition, according to SR Commercial.
“As a quality asset in a
strong Inland Empire submarket, this office property presents an enormous
opportunity to build value,” says Stos, who explains that a bridge loan was
granted on the property that will allow SR Commercial to complete construction
of new tenant improvements.
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| Mike Erwin |
“We plan to build out the
vacant space and aggressively market the property in order to bring the
building to 100 percent occupancy, and then sell the property as a leased
investment within 13 to 36 months,” Stos explains.
Prior to the close of
escrow, SR Commercial secured a 10-year tenant for the ground floor.
Both SR Commercial and the
seller, a private investor, were represented by Corey Martin and Stan Nowak,
of Coldwell Banker Commercial in the transaction.
For a complete copy of the company’s news release, please
contact:
Amanda Alenick/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
