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11/13/13
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SR Commercial has recently completed two acquisitions in the San Diego market - an 89.1k sf industrial/flex property in San Diego, and a 48.2k sf office property in Vista, bringing its current portfolio to 716k sf as of November 2013.
SR Commercial’s most recent acquisition is the $5.2 mil purchase of an 89.1k sf ($58/sf) flex/R&D/industrial building located at 2727 Kurtz St in San Diego. The property was occupied by Eaton Electronics for over 25 years, but it is currently unoccupied.
SR Commercial plans to implement extensive interior and exterior upgrades and market the property for lease or sale. Sean Williams of CBRE and Jeff Brown of Cushman & Wakefield represented both SR Commercial and the seller, 2727 Ltd, in the transaction.
The company also recently acquired a 48.2k sf office property located at 2790 Business Park Dr in Vista for $3.3 mil ($68/sf). The property, which was originally developed as a build-to-suit for Cox Communications and used as a call center, is currently unoccupied.
SR Commercial plans to upgrade all of the interior space in order to expose the 12 to 14 foot ceilings on both floors, and install Solartubes, as well as additional skylights. After extensive upgrades, the company plans to aggressively market the property as one of the most cost-efficient office buildings in San Diego County with a lower lease rate than the competition.
Bob Willingham, David Onosko and Ron King of Cushman & Wakefield represented SR Commercial and the seller, Building Properties Inc, in the transaction.
SR Commercial has been an extremely active buyer this year, completing eight acquisitions in 2013 alone. In addition, they currently have 265k sf of office and industrial properties totaling more than $30 mil under contract, set to close before year end.
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