SR Commercial Buys Vista Industrial Portfolio for $15.2 millionTuesday, March 11, 2014
Solana Beach-based investment and development firm SR Commercial has acquired four Vista industrial buildings, totaling more than 168,000 square feet, for $15.2 million.
Company Principal Adam Robinson said the deal also included a 1.43-acre developable land parcel, where SR plans to develop a 30,000-square-foot distribution space, which he said would be Vista’s first speculative industrial project in three years.
The recorded seller in the transaction was PFRS San Diego Corp. of Detroit, according to CoStar Group.
The buildings are at 2641 and 2651 La Mirada Drive, 1385 Park Center Drive, and 1125 Joshua Way. SR officials said the Park Center Drive property is fully occupied by Glacier Water Technologies., and Creative Nail Design leases more than half of the Joshua Way building.
The portfolio overall is 79 percent occupied, and the new development is planned adjacent to the Joshua Way property.
The privately held SR Commercial is led by Robinson and Principal CJ Stos. The company was represented in the Vista deal by Cassidy Turley brokers Barry Hendler, Rick Reeder and Brad Tecca.