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| 42259 Rio Nedo, Temecula, CA |
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| Adam Robinson |
SAN DIEGO, CA (Aug. 26, 2013) – SR Commercial, a privately
held, full-service commercial real estate investment company, has acquired two
industrial properties encompassing 82,470 square feet in Southern California,
adding a total of $60 million to its portfolio in the last 24 months, according
to CJ Stos, a Principal of SR Commercial.
“The momentum in the real estate market is finally back to
full speed,” says Stos, who founded SR Commercial with Adam Robinson. “We are actively acquiring assets, and have
closed on 14 separate investment properties in the past 24 months.”
The company’s newest acquisitions, located in San Diego and
the Inland Empire, reflect an overall tightening of the industrial market
throughout Southern California, according to Stos.
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| 8662 Avenida De La Fuente in South Otay Mesa Business ParkSan Diego, CA |
“Demand for investment-grade industrial product continues to
climb,” he says. “Investors must be
willing and able to close deals, and must be flexible enough to consider
acquisitions in various markets in order to secure the best
opportunities.”
According to Stos, SR Commercial plans to invest in larger
industrial properties throughout San Diego, Orange County, Los Angeles, and the
Inland Empire.
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| Rob Gunness |
SR Commercial’s two most recent acquisitions include:
Acquisition #1:
Inland Empire, Calif.
SR Commercial acquired a 63,126 square-foot industrial
building located at 42259 Rio Nedo in Temecula, Calif. for a total
consideration of $2.8 million.
The building was occupied by a month-to-month tenant at the
time of purchase. SR Commercial plans to repair the deferred maintenance and
reposition the property with significant upgrades, including a new roof, HVAC
system, ADA upgrades, parking lot repairs, landscaping and new roll-up doors.
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| Scott Stewart |
“We will begin improvements on the building immediately and,
once completed, we plan to aggressively market the property for sale or lease,”
explains Robinson.
SR Commercial was represented by Rob Gunness and Scott
Stewart of CBRE in the transaction.
The seller, a private investor, was represented by Charley Black
and Michael Strode of Lee & Associates.
Acquisition #2: San Diego, Calif.
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| Michael Strode |
SR Commercial acquired a 19,344 square-foot, multi-tenant
industrial property located in the South Otay Mesa Business Park in San
Diego, Calif. for a total consideration of $1.6 million. The property is
located at 8662 Avenida De La Fuente in San Diego, Calif.
“This was an all-cash deal, and we were successful in
closing escrow within 30 days,” says Adam Robinson, co-founder and Principal at
SR Commercial.
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| Regan Tully |
Robinson notes that the San Diego market continues to
attract manufacturing and distribution tenants in need of quality space, but
supply is an ongoing concern.
“The supply of quality, for-sale multi-tenant industrial
product is scarce in San Diego,” he says.
“We are fortunate to have strong relationships with local brokers who
can help us to identify investment opportunities quickly.”
Mike Erwin of Colliers identified this opportunity
for SR Commercial, and represented the firm as the buyer in the transaction. The seller, a private investor, was
represented by Regan Tully of Cassidy Turley.
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| Charley Black |
The property, which was 87 percent occupied at the time of
purchase, consists of 16 units ranging from 920 square feet to 1,224 square
feet, and features office space, private restrooms, 15' to 18' warehouse clear
height, a shared truck well, and grade-level loading.
“Our plan for this property is to lease the two vacant
suites, while simultaneously completing a condo map. This will give us the option to either sell to owner-users as
market conditions improve, or hold the property long-term while achieving
double digit cash-on-cash returns,” explains Robinson.
For a complete copy of the company’s news release, please
contact:
Jenn Quader /
Judith Brower
Brower, Miller
& Cole
(949) 955-7940
