VISTA, CA–A 125,000-sq.-ft. industrial building in Vista has been sold for $10.1 million. One of the brokers involved in thecalled the sale a sign of an increasingly healthy industrial market in southern California.
SR Commercial of Solana Beach purchased the building at 2611 Business Park Drive. The property is now back on the market for sale or lease.
“The market has quietly gotten much healthier,” said Joe McDermott of Cushman & Wakefield, who helped manage the transaction. “In certain segments, such as the large building segment, which drove the 2611 building sale, there are only a handful of buildings above 100,000 square feet left. This particular building is one of the premier assets available because of the amount of high-end office space and the extra acre of enclosed outside yard. We’re positioned to get the next tenant because it’s the best building out there.”
Cushman & Wakefield represented both sides in the transaction, with McDermott and Ron King of the firm’s Carlsbad office representing seller Hallam Trust. McDermott and Robert Willingham represented the buyer, SR Commercial (SRC) of Solana Beach. (SRC).
SRC is a privately held full-service commercial real estate company that specializes in acquiring, owning and developing income-producing industrial and retail properties. SRC operates and invests in commercial real estate assets located in prime locations throughout the tightest submarkets of Southern.
“This was a combination of a business sale and a real estate note sale, and both were contingent upon the other,” said McDermott. “It was a complicated transaction that we were successfully able to complete.”
Seller Hallam Trust is an entity affiliated with tenant Dimension One Spa, and while Hallam sold the asset to SR Commercial, Dimension One Spa simultaneously sold the business to Jacuzzi. Dimension One Spa, under Jacuzzi ownership, will remain the occupant until the end of this year.
Constructed in 1999, 2611 Business Park Drive combines industrial corporate headquarters, manufacturing and distribution space on a 9.5-acre site north of San Diego, near Oceanside, with access to I-5 and I-15. The property has an acre of excess land that, per zoning, can be used for outside storage. The new owner plans to complete deferred maintenance and upgrade the building’s appearance and functionality.