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6/03/15
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SR commercial recently wrapped up three SoCal deals, two acquisitions and a sale. The properties involved are located in Temecula, Sorrento Valley and Vista.
In Temecula, SR Commercial paid $6.975 mil for a 100.6k sf ($69/sf), multi-tenant industrial property that is fully occupied by Get Air of Temecula and Mountain View Community Church. The property is located at 26201 Ynez Rd, northwest of Winchester Rd on the east side of I-15.
Due to the growing demand for smaller, roughly 20k sf-size industrial spaces in the region, when the church concludes its lease, SR plans to divide that space into two or three smaller units and lease those to more conventional industrial or showroom tenants. Prior to that, SR Commercial will make exterior improvements including roof repairs and exterior paint, as well as updating the landscaping and freeway facade.
SR Commercial and the seller, Liberty Advisors, LLC, were represented by Rob Guiness and Scott Stewart of CBRE.
In the Sorrento Valley area, SR Commercial acquired a 35.3k sf commercial project consisting of two R&D/flex office buildings. SR Commercial plans to make significant improvements to the buildings, which are currently vacant, and then market the two buildings for lease, both together and separately.
The properties are located at 10505 Roselle St and 3770 Tansy St in San Diego. Sorrento Valley is a leading technology and telecom hub in the San Diego region, with many nearby assets owned by institutional quality owners, including Biomed Realty Trust, Westcore, Parallel, Cruzan | Monroe, and Rexford, among others.
And in Vista, SR Commercial completed a full-cycle repositioning project with the $5.9 mil sale of a 39.7k sf ($149/sf) industrial corporate headquarters property. SR Commercial acquired the property, located at 2390 Oak Ridge Way, in February 2012 for $2.88 mil ($73/sf) from Bank of America, which foreclosed on the property in 2012.
Isaac Little and Marko Dragovic of Lee & Associates represented SR Commercial and the buyer, Nordic Naturals, Inc in the transaction.
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