OCEANSIDE, CA—SR Commercial purchased La Pacifica for $19.8 million. The 230,000-sq.-ft. multi-tenant industrial park in Oceanside, Calif. is composed of three buildings and currently 75 percent occupied.
“Quality, for-sale multi-tenant industrial product is scarce in the current San Diego market, and the competition for these assets is strong,” said Adam Robinson, principal and co-founder of SR Commercial, in a statement. “This is especially true in North San Diego, where the industrial market continues to grow and attract manufacturing and distribution tenants. At SR Commercial, we have been able to adapt to this competitive environment by creating a strong track record of closings in Southern.”
Cushman & Wakefield’s Bob Willingham and Ron King represented SR Commercial in the off-market. Arik Stark and Dennis Visser of Cassidy Turley represented seller Congressman Darrell Issa.
SR Commercial quickly closed the all-cash deal by securing a 15-year fixed-rate loan at a four percent interest rate, amortized over 30 years.
The buyer has been aggressive in filling the vacant space, having secured a 17,000-sq.-ft. lease during escrow. SR Commercial is also in talks with another possible tenant to take the remaining 38,000 sq. ft.