The 14-building, mixed-use portfolio totaling 235,472 square feet at Miramar and Kearny Villa roads, San Diego 92126, has been sold for $35,151,000.
In three separate transactions, the buyers were ARKA Miramar I, LP (50 percent), Pacifica Mark III LLC (35 percent) and SR Mark II Industrial LLC (15 percent), 127 Lomas Santa Fe Drive, Solana Beach 92075. The buyers are entities of SR Commercial.
The acquisition was financed with loans of $11.68 million from Midland National Life Insurance Co., and $6 million and $7,415,000 from City National Bank.
The seller was The Realty Associates Fund VII, L.P.
The buyers and seller were represented by Brad Tecca, Rick Reeder, Bryce Aberg, and Brant Aberg of Cassidy Turley.
The 15-acre Mark II Portfolio consists eight single- and multi-tenant industrial buildings, five multi-tenant office buildings, and one retail/showroom building currently fully occupied by 24 Hour Fitness. Current occupancy of the properties was 94.4 percent, according to SR Commercial.
The company's primary strategy is to increase rents across the portfolio to meet current market rates. The five office properties will be sold separately or together within five years, according to CJ Stos, a principal and co-founder of SR Commercial. The eight industrial buildings will be held long-term.