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12/09/22
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Stos Partners has closed two industrial deals totaling $34.85 mil. The transactions consist of an 86.7k sf acquisition in Escondido and an 82.5k sf disposition in Phoenix. The transactions bring the firm’s total 2022 deal volume to nearly $300 mil.
In a joint venture with a global insurance company, Stos Partners bought an 86.7k sf, freestanding industrial building in Escondido for $20 mil ($231/sf). The property is located at 2425 Auto Park Way, near I-5 and Hwy 78.
The facility, originally constructed in 1982, includes eight exterior docks and three ground-level doors for freight access. The building also features sufficient power as it is powered through a 2000A/277 480V 3-Phase system. In addition, there are also 200 parking spaces.
With approximately 10k sf of office space buildout, 11% of the total building square footage comprises dedicated areas including private business operations space, sound engineer testing space, a mechanics tool shop, and a racked storage area. Stos Partners will be completing standard roofing, parking lot, and paint renovations at the building.
We’re told that 80% of the property is currently leased to tenants who are renewing their leases, and a final lease renewal is in the works which, if closed, would bring the total lease rate of the property to 100% leased.
Barry Hendler at Lee & Associates represented the buyer and seller, Sound Image Incorporated, in the off-market deal.
In the other deal, Stos Partners collected $14.85 mil from the sale of an 82.5k sf industrial warehouse featuring cold storage in the Southwest Airport submarket of Phoenix. The property is located at 2434 South 10th St.
Originally acquired in an off-market joint venture for $11.1 mil, the property was sold to an institutional buyer after a year and a half from purchase. Phil Haenel and Will Strong of Cushman & Wakefield, and David Wilson and Carter Wilson of Daum Commercial, repped Stos Partners in the transaction.
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