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8/03/17
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Stos Partners has acquired a 170.8k sf, two-building multi-tenant industrial project in Chula Vista for $13.45 mil ($79/sf) in an off-market transaction. The property, located at 1670-1690 Brandywine Ave, is currently 100% occupied by a mix of local and national credit tenants in various industries, including manufacturing, medical supply and distribution, as well as defense.
The property is considered desirable due to its size, location and tenant mix. The company sees additional revenue opportunity based on the property’s in-place rents, which are 25% below-market. Stos Partners plans to update and modernize the property and its image, including new landscaping, exterior paint, signage and roofs, as well as an updated parking lot.
“Multi-tenant industrial remains the gem of the industrial investment sector, and is exceptionally hard to find in today’s supply-constrained market,” says CJ Stos, Principal of Stos Partners. “We were able to acquire the asset 50% below replacement cost, and now have a tremendous opportunity to create and maintain value.”
Stos explains that this submarket is benefitting from exceptionally tight, 1-2% vacancy in neighboring National City, which is driving tenants to Chula Vista. Much of this activity is fueled by ongoing growth in the defense industry.
Michael Mossmer of Voit Real Estate Services represented Stos Partners and the seller, a private family. Stos Partners currently owns and manages more than 2.4 msf in Southern California, and is actively acquiring investment properties in San Diego, Orange County, and the Inland Empire.
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