SR Commercial Buys Industrial, Office Properties for $6 MillionMonday, February 24, 2014
SR Commercial of Solana Beach has bought an Escondido retail-industrial property and a Murrieta office building for $6 million.
SR Commercial acquired the Escondido property, consisting of two buildings at 2120 and 2122 W. Mission Road, for $3.1 million, company officials said. The property, known as Nordahl Center and totaling 40,154 square feet, will be renamed Gateway@Mission.
The Escondido property, encompassing 2.11 acres, is 66 percent occupied by 11 industrial tenants.
SR Commercial also acquired a 39,140-square-foot, two-story office building at 38670 Sky Canyon Drive in Murrieta for $2.9 million. The property was built in 2008 as a speculative development and is vacant, although SR Commercial has secured an undisclosed 10-year tenant for the ground floor.
The seller in both transactions was a private investor. The deals were brokered by Cassidy Turley, Colliers International and Coldwell Banker Commercial.
Renovations are planned at both locations, officials said.