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| Adam Robinson |
SAN DIEGO,
CA – SR Commercial, a privately held,
full-service commercial real estate investment company, has announced the
completion of three recent transactions, including two acquisitions and a
property sale, according to Adam
Robinson, a Principal at SR Commercial.
The firm’s recently completed transactions include:
100,600 Square-Foot Multi-Tenant
Industrial Acquisition in Temecula
SR Commercial has acquired a
100,600 square-foot multi-tenant industrial property for a total consideration
of $6.975 million in Temecula, Calif. The property is currently 100 percent
occupied by Get Air of Temecula and Mountain View Community Church.
“We immediately recognized the
potential for this asset to fill a void in the market,” says Robinson, who
founded SR Commercial along with partner CJ
Stos. “Temecula has approximately 15
million square feet of industrial space and an overall vacancy rate of
approximately five percent.
“That said,
the vacancy rate for smaller, approximately 20,000 square-foot bay size units
is under two percent. For that reason,
when the church concludes its lease, we plan to divide that space into two or
three smaller units and lease those to more conventional industrial or showroom
tenants.”
SR
Commercial and the seller, Liberty Advisors, LLC, were represented by Rob Guiness and Scott Stewart of CBRE.The property is located at 26201 Ynez Road in
Temecula, California.
 |
| CJ Stos |
Sorrento Valley Office Acquisition
SR
Commercial has also acquired a 35,335 square-foot commercial project consisting
of two R&D/flex office buildings located in the Sorrento Valley submarket
of San Diego, California.
“Sorrento
Valley is the technology and telecom hub of San Diego,” says Robinson. “These industries continue to lead commercial
real estate growth throughout the nation, and this project will benefit from
this forward momentum.”
Robinson
also notes that nearby assets are owned by institutional quality owners,
including Biomed Realty Trust, Westcore, Parallel, Cruzan | Monroe, and
Rexford, among others, further demonstrating the strength of the investment’s
location.
“The
topography of this submarket restricts development opportunities, and the area
is essentially built-out,” says Robinson. “Based on these factors, we
anticipate a strong rental growth for these assets.”
SR
Commercial plans to make significant improvements to the buildings, which are
currently vacant, and then market the two buildings for lease, both together
and separately. The properties are located at 10505 Roselle Street and 3770
Tansy Street in San Diego, California.
$5.9 Million Sale of Industrial
Property in Vista
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| Industrial Property, Vista, CA |
SR
Commercial completed a full-cycle repositioning project in Vista, California
with the $5.9 million sale of a 39,672 square-foot industrial corporate
headquarters property.
SR Commercial acquired the property in February 2012 for
$2.88 million ($72.63 per-square-foot) from Bank of America, which foreclosed
on the property in 2012.
Isaac Little and Marko Dragovic of Lee & Associates represented SR Commercial as
the seller in the transaction, and also represented Nordic Naturals, Inc. as
the buyer. The property is located at
2390 Oak Ridge Way in Vista, California.
For a complete copy of the company’s
news release, please contact:
Elise
Anguizola / Jenn Quader
Brower,
Miller & Cole
(949)
955-7940
