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7/06/21
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A 113.5k sf, cold storage industrial facility in San Marcos was purchased by an institutional buyer for $42.2 mil ($372/sf). The property is located at 505 South Pacific St, east of Rancho Santa Fe Rd and south of Hwy 78.
The property was sold by Stos Partners, who initially acquired the vacant asset for $18.9 mil in April of 2020. After implementing a strategic value-add program that included a new roof, new paint, mechanical enhancements, fresh landscaping and other general building improvements, they secured a NNN lease with Stone Brewing, the largest brewery in Southern California.
“Demand for cold storage facilities has grown exponentially during the COVID-19 pandemic,” notes CJ Stos, Principal at Stos Partners. “In fact, the value of the cold storage sector is on track to grow by $102.2 bil in the next five years, according to a recent Transwestern report.”
Darla Longo, Barbara Perrier, Louay Alsadek and Hunter Rowe with CBRE, along with Bob Willingham with Kidder Matthews, represented Stos Partners as the seller in this transaction.
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