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5/08/15
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SR Commercial has acquired an 11.8-acre land parcel in Carlsbad, on which the firm plans to develop a 151.5k sf, multi-tenant industrial distribution project geared to small-space users.
“Currently, there are only seven industrial business parks in the Carlsbad and Vista submarkets that offer small unit sizes with both grade-level and dock-high positions,” states SR Commercial Principal Adam Robinson. “Those properties have averaged 97 percent occupancy over the past nine months. Based on this analysis of existing product performance, as well as overall market vacancy rates, which are as tight as seven percent for the overall industrial market, and a miniscule three percent for incubator industrial distribution projects, the market is ready for the new project we have planned.”
SR Commercial plans to develop and operate a high-quality multi-tenant industrial distribution business park with suite sizes ranging from 3.4k sf to 35.5k sf. The ground-up development project will be located in Carlsbad Oaks North, a new 414-acre master planned corporate business park in Carlsbad, which currently consists of 25 vacant lots.
The incubator project will be state-of-the-art featuring, 27-foot to 32-foot clear height, abundant dock-high and grade-level loading, an ESFR sprinkler system, and ample parking at approximately 2.4 per 1,000 square feet.
As part of SR Commercial’s long-term investment strategy, the firm plans to hold the property for a 15+ year period. The company acquired the 11.8-acre land parcel for a total consideration of $6.16 mil. Mike Erwin, Conor Boyle and Tucker Hohenstein of Colliers International represented SR Commercial and the seller, Techbilt Construction, in the transaction.
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