SAN DIEGO, California, – December 8, 2014 – (RealEstateRama) — SR Commercial, a privately held, full-service commercial real estate investment company, has completed a full-cycle repositioning project in Vista, California with the $13.55 million sale of a 128,531 square-foot, Class A industrial property. SR Commercial acquired the property in February 2013 for $79 per-square-foot and was able to sell the building for $105.50 per-square-foot after implementing its strategic rehab and repositioning plan, according to CJ Stos, a Principal at SR Commercial.
“The current investment climate requires rapid and strategic action from property owners and investors,” explains Stos, who founded SR Commercial along with partner Adam Robinson. “This particular project exemplifies our firm’s ability to quickly acquire and reposition properties; resulting in additional quality product for the supply-constrained Greater San Diego industrial market.”
This single-tenant manufacturing and distribution building, which is situated on nearly ten acres of land and includes approximately one acre of outside storage, was initially constructed as a build-to-suit for Dimension One Spas in 2001. The property served as Dimension One’s corporate headquarters until its leaseback agreement with SR Commercial came to term in November 2013.
“When we acquired the property, we immediately implemented exterior improvements, followed by interior enhancements after the building was vacant, which boosted the property’s appearance and functionality,” notes Stos. “After completing all improvements in early 2014, we aggressively marketed the project and secured a buyer with help of our broker partners within seven months.”
Joe McDermott, Ron King, and Bob Willingham of Cushman & Wakefield represented SR Commercial as the seller. The buyer, KI-Vista-LPSM LLC, was represented by Colliers International. According to Cushman & Wakefield, the buyer secured a lease during escrow with Escondido-based Stone Brewing Co. for its new national distribution center.
The property is located at 2611 Business Park Drive in Vista, California.
SR Commercial is a privately held, full-service commercial real estate investment company, which acquires, owns and develops income-producing industrial and office properties. The firm’s two Principals include Adam S. Robinson, CPM, CCIM, SIOR, and CJ Stos, MRED.
As an active commercial real estate operator with a well-established reputation as a value-added investor, SR Commercial focuses on real estate opportunities that are inefficiently priced due to a variety of circumstances. These include vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.
With its corporate office in San Diego and the Principals’ close ties to Orange County and Los Angeles County, SR Commercial has positioned itself as one of the leading real estate investment companies in its respective markets. In addition to owned real estate, the firm provides third-party management for more 5 million square feet of industrial, office, and retail properties. More information is available at www.sr-commercial.com.
Amanda Alenick Brenner/ Jenn Quader
Brower, Miller & Cole