Two Down; 265k SF to Go
Chalk up another two acquisitions for SR Commercial, one of San Diego's most active buyers this year. Principals CJ Stos and Adam Robinson hope to close by year-end on an additional 265k SF of office and industrial properties they have under contract for a total of $30M. (They must have a busy Black Friday planned.) Despite limited inventory, the pair have purchased eight properties so far in 2013, bringing SR's portfolio to 716k SF.
The latest acqusitions both are currently unoccupied, including this 48k SF office building, 2790 Business Park Dr in Vista. The property originally was developed as a build-to-suit for Cox Communications and used as a call center. The other property is an 89k SF flex/R&D/industrial building at 2727 Kurtz St in San Diego, formerly occupied by Eaton Electronics. Both properties will be extensively upgraded and put on the market.