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7/22/15
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SR Commercial has acquired three industrial assets totaling 174.5k sf in the San Diego market. The purchases consist of a multi-tenant industrial business park in Vista, an industrial flex/R&D property in Carlsbad, and two free-standing industrial buildings with yards.
The firm plans a long-term hold for each asset, and has particularly unique plans for one of the recent acquisitions, Shadowridge Business Center, a 91.5k sf business park located at 1930 & 1960 Watson Way and 2025 & 2055 Thibodo Rd in Vista. The property is comprised of four buildings, including two single-tenant buildings, which are fully leased, as well as two multi-tenant buildings offering suite sizes as small as 1k sf. The company plans to build out a spec brewery space in the business park.
“We’ve seen incubator space built out for other industries in San Diego, such as biotech. However, we believe we are one of the first to implement this strategy in the brewery space,” says Adam Robinson, a Principal at SR Commercial.
Robinson explains that many small breweries in the market would like to open but are unable to afford the necessary equipment. The Vista-area business park is already home to a brewery, Mother Earth Brewing, and SR Commercial expects to attract more with its unique strategy.
Louay Alsadek and Barbara Emmons of CBRE represented SR Commercial and the seller in the transaction.
SR Commercial also acquired a 65k sf, free-standing corporate headquarters flex/R&D property located at 3193 Lionshead Ave in Carlsbad for $8.725 mil ($134/sf). The company expects high demand for the property, as the previous owners invested $3.6 mil in the property’s interior with many high-end finishes. Although the floor plan is divisible for two tenants, the firm expects to lease it to a single tenant.
Aric Starck of DTZ represented both parties in the deal.
In Escondido, SR Commercial acquired two free-standing, fully occupied industrial buildings totaling 18k sf and located at at 240-245 Pauma Place. The buildings are zoned for fenced yards, which is a highly desirable attribute in a market that is already experiencing sub-four percent industrial vacancy.
Tucker Hohenstein and Mike Erwin of Colliers represented the buyer and the seller in the transaction.
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