VISTA, CA—SR Commercial has purchased two industrial facilities in the San Diego market, one here and one in Oceanside, Calif., for $12.9 million.
The firm recently acquired a 125,000-sq.ft. warehouse at 2611 Business Park Drive, the headquarters of Dimension One Spas, for $10 million in Vista, Calif., and a 32,842-sq.-ft. industrial building in Oceanside, Calif. for a total consideration of $2.9 million,. The latter building at 1935 Avenida Del Oro, which was 65-percent occupied at the time of purchase, is currently occupied by the city’s police department and a gymnastics studio. The buyer plans to implement more than $200,000 in interior and exterior improvements and lease the remaining 5,806 square feet in the building.
“Right now is the ideal time to invest in the San Diego industrial market,” said C.J. Stos, a principal at SR. “Pricing is still competitive while debt remains low and the tenant market is getting stronger, which is an attractive combination. Demand for investment-grade product in the market continues to climb, which will ultimately drive values higher, delivering strong ROI for those who invest now.”
The firm bought eight industrial properties in 2012, and plans to double its investment amount in 2013, according to Stos. “Our goal is to have over a million square feet of owned quality industrial product by the end of the year,” he said in a statement.
Joe McDermott, Ron King, and Bob Willingham with Cushman & Wakefield represented SR Commercial as the buyer and Dimension One Spas as the seller in the transaction. Justin Beattie and Jim Benson with Cassidy Turley represented SR Commercial as the buyer of the Oceanside building, and Seaside Development, LLC as the seller in the transaction.