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| Oceanside Commerce Center, 4747, 4749, 4751 Oceanside Boulevard and 1818, 1820 Peacock Boulevard, Oceanside, CA |
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| Adam Robinson |
SAN DIEGO, CA (Jan.
19, 2015) – SR Commercial has acquired the Oceanside Commerce Center, a five
building, multi-tenant industrial park encompassing over 70,000 square feet,
for total consideration of $7.5 million.
The property, which was acquired as part of a 1031 exchange,
will be held as a long-term cash flow asset by SR Commercial, according to Adam
Robinson, a Principal at SR Commercial.
“The multi-tenant industrial market continues to be a strong
segment in the San Diego market,” says Robinson, who founded SR Commercial
along with partner CJ Stos.
“With the stabilizing economy, many small business tenants
are remerging and seeking space under 5,000 square feet in this market.
“The combination of growing tenant demand and an increased
tightening of availability in industrial product will enable us to add strong
value to this asset through strategic rent increases as current leases come to
term.”
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| CJ Stos |
Built in 1987, the property was well maintained by the
seller, who was seeking a buyer with the ability to be flexible with the close
of escrow.
“The seller completed all due diligence in advance, which
allowed us to act quickly to secure the property with a $250,000 non-refundable
deposit on the first day,” notes Robinson.
“From there, we were
very flexible and could have closed in 30 days but we allowed the escrow to go
for over 90 days to allow the seller to find an exchange property.”
“Industrial inventory is extremely limited in San Diego,
requiring buyers who can be flexible and can move extremely rapidly. This
transaction is an example of SR Commercial’s ability to do just that,” says
Robinson.
SR Commercial was represented by Michael Hartel and Joe
Winkelmann of Voit Real Estate Services’ Irvine office.
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| Michael Hartel |
The seller, Bob Voit, was represented by Randy
LaChance of Voit Real Estate Services’ San Diego office.
The property is located at 4747, 4749, 4751 Oceanside Blvd.,
and 1818, 1820 Peacock Blvd. in Oceanside, 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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