Value-Add Deals: Faster the Better
The key to getting value-add deals done successfully in the current climate, SR Commerical principal CJ Stos tells us, is rapid action. Recently SR sold the 128k SF 2611 Business Park Dr building in Vista for $13.5M, or $105.50/SF after paying $79/SF for the asset in early 2013. Greater San Diego industrial supply is constrained, CJ says, so rehabbed and repositioned product has strong prospects. After buying the single-tenant manufacturing and distribution building, which is on about 10 acres, SR immediately started interior and exterior work to improve both its functionality and appearance.