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10/28/20
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A private investor acquired a 56.3k sf, cold storage industrial facility in San Diego’s Otay Mesa submarket for $8.335 mil, or $148/sf. The property is located at 9925 Airway Rd, just north of the United States/Mexico border.
The property was sold by Stos Partners, who acquired the asset for $6.15 mil in June of 2019, brought the property to 100% occupancy during escrow. The firm then implemented a value-add program that resulted in a 35% value increase prior to this sale. Some of the upgrades at the property included a new roof, new paint, mechanical enhancements, fresh landscaping, and other general building improvements.
“We immediately recognized the potential in this asset based on its prime location near the U.S./Mexico border and its cold storage product type,” says CJ Stos, Principal at Stos Partners. “Demand for cold storage facilities has grown exponentially during the COVID-19 pandemic, driven in large part by online shopping. Today, 46% of shoppers plan to continue purchasing goods online, and 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.”
CBRE’s Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho represented the seller in the transaction.
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