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3/14/14
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SR Commercial has acquired an industrial portfolio in Vista, consisting of four buildings totaling 168k sf, as well as a 1.43-acre developable land parcel, for $15.2 mil. The company plans to develop a new, 30k sf addition on the land parcel, which will be the first speculative construction in Vista in three years.
“This acquisition presents a tremendous opportunity to add value through repositioning a portfolio that is perfectly aligned with our ongoing investment strategy,” says Adam Robinson, a Principal at SR Commercial, who founded SR Commercial along with partner CJ Stos. “After implementing any needed improvements, we anticipate selling two of the buildings to industrial users, and holding the remaining two buildings as long-term assets.”
SR Commercial has acquired over a million square feet during the past two and a half years, and has both institutional and private equity partners in place, which expands its buying power and enables the firm to seek out larger deals throughout Southern California, according to Robinson.
The four-building industrial portfolio just acquired by SR Commercial is currently 79 percent occupied, and is comprised of two single-tenant buildings, located at 2641 La Mirada Dr and 1385 Park Center Dr; as well as two multi-tenant buildings, located at 2651 La Mirada Dr and 1125 Joshua Way.
1385 Park Center Dr is currently 100 percent occupied by Glacier Water Technologies, while beauty company Creative Nail Design occupies more than half of the Joshua Way building, which was originally a build-to-suit for Creative Nail Design.
Adjacent to the Joshua Way building is the land parcel, on which SR Commercial will construct the new high-bay distribution space that will be divisible with grade and dock-level loading.
SR Commercial was represented by Barry Hendler, Rick Reeder and Brad Tecca of Cassidy Turley in the acquisition.
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