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7/27/16
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Stos Partners has acquired a 22k sf, mixed-use property comprised of retail, restaurant, creative office and residential space in the heart of San Diego County’s Carlsbad Village submarket. The property was sold by a private investor for $6 mil ($273/sf).
The property is located at 560 Carlsbad Village Dr and at 2975 Roosevelt St, a few blocks in from the coast, between Carlsbad Blvd and I-5. The company plans to implement exterior improvements to the property, including new paint and maintenance upgrades.
The property, which was built in 2008, is 90 percent leased to award-winning local restaurant and wine bar PAON, as well as a variety of retail and office tenants. It features a host of desirable amenities, including office suites with concrete floors and exposed HVAC, as well as a 2k sf community deck with panoramic views.
The property’s creative office space tenants include HighJump, a national tech company, as well as an alternative health company which Stos Partners brought to the project during escrow. The three-story mixed-use asset also includes two residential penthouses with coastal views, providing an added opportunity for value creation.
Barry Hendler of Cushman & Wakefield represented Stos Partners in the acquisition. The seller, a private company, was also represented by Hendler.
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