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1/20/15
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SR Commercial has acquired Oceanside Commerce Center, a five building, 70k sf industrial park in Oceanside, for $7.5 mil, or $107/sf. The multi-tenant biz campus was acquired as part of a 1031 exchange.
Built in 1987, the property is located at 4747, 4749, 4751 Oceanside Blvd and 1818, 1820 Peacock Blvd, west of Melrose Dr and north of Hwy 78. The asset, which was 85 percent occupied at the time of purchase, was well maintained by the seller, who was seeking a buyer with the ability to be flexible with the close of escrow.
The property will be held as a long-term cash flow asset by SR Commercial. They plan to immediately implement interior and exterior enhancements in order to justify gradual rent increases.
SR Commercial was represented by Michael Hartel and Joe Winkelmann of Voit Real Estate Services’ Irvine office. The seller, Bob Voit, was repped by Randy LaChance of Voit Real Estate Services’ San Diego office.
“The multi-tenant industrial market continues to be a strong segment in the San Diego market,” said Adam Robinson, a Principal at the company, who founded SR Commercial along with partner CJ Stos. “With the stabilizing economy, many small business tenants are remerging and seeking space under 5k sf in this market.”
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