A portfolio of four Vista industrial buildings totaling 168,013 square feet and a 1.43-acre vacant parcel have been sold for $13.24 million.
The buildings are at 1125 Joshua Way, 1385 Park Center Drive, 2641 La Mirada Drive and 2651 La Mirada. The developable parcel is adjacent to the Joshua building.
The buyers were Arka Vista I L.P. (50 percent), Pacifica Real Estate II LLC (35 percent) and SR17 Vista Portfolio LLC (15 percent), 127 Lomas Santa Fe, Solana Beach 92075.
APG Partners LLC is a partner of Arka and K Associates is the managing member of APG. Michael B. Kaplan is the managing partner of K Associates.
Steven Charles Leonard and Blake Isaacson are managers of Pacific. Adam S. Robinson and Charles J. Stos II are managers of SR17.
The acquisition was financed by Community Bank with loans of $3.1 million on 1385 Park Center, $3.3 million on 1125 Joshua, and Citibank with a loan of $4 million on the La Mirada properties.
The seller of the properties (assessor's parcels 219-013-46 and 47, 219-541-12 and 217-253-13 and 14) was PFRS San Diego Corp., with Sean P. Neary as the president.
Barry Hendler, Rick Reeder and Brad Tecca, of Cassidy Turley represented the buyer and seller.
A portfolio of four Vista industrial buildings totaling 168,013 square feet and a 1.43-acre vacant parcel have been sold for $13.24 million The buildings are at 1125 Joshua Way (shown above), 1385 Park Center Drive, 2641 La Mirada Drive and 2651 La Mirada.
Four Vista industrial buildings have been sold for $13.24 million The buildings are at 1125 Joshua Way, 1385 Park Center Drive, 2641 La Mirada Drive and 2651 La Mirada (shown above).
The portfolio is 79 percent leased to four tenants with two of the buildings being fully occupied by single tenants.
In late 2003, Creative Nail Design Inc. leased the 55,300-square-foot building at 1125 Joshua Way for 84 months at $3,254,279, for office, warehousing and manufacturing of cosmetic and beauty products.
In late 2004, Glacier Water Services Inc. leased the 46,031-square-foot building at 1385 Park Center Drive for 67 months at $2 million be used for corporate offices, assembly, repair and warehouse facility for water purification company.
Hendler, then with a different brokerage, handled both those transactions for all parties.
The new ownership's immediate plans are to aggressively market the two available spaces and begin planning the development of the vacant parcel.
The buyers are all affiliated with SR Commercial (SRC), a private investor in single- or multi-tenant industrial and low-rise office product types in Southern California.
SRC said it has closed 21 acquisitions within the last 31 months for a total capitalization of approximately $120 million.
The company said it prefers class A or B infill product in San Diego, Orange and Los Angeles counties, and select Riverside County locations valued at $1 million to $75 million.
The Vista portfolio acquisition marks SRC's 21st acquisition in the last 31 months and third acquisition of 2014, bringing its total portfolio under ownership to more than 1 million square feet.