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6/27/19
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Stos Partners has acquired four SoCal industrial properties encompassing 177.9k sf at a total cost of $25 mil. One of the properties is in Temecula while the other three are in San Diego.
In the Temecula deal, Stos Partners purchased a 65.3k sf industrial building at 28410 Vincent Moraga Dr for $7.1 mil ($109/sf). The seller, a publicly traded company, leased back approximately 50% of the building to continue its operations in the facility for the long term. During escrow, Stos Partners was able to secure a new tenant to lease the remainder of the building, bringing the property to 100% occupancy at closing.
The Stos team plans to implement $1.2 mil in capital improvements, including a new roof, exterior paint, landscape upgrades, a new parking lot with upgraded lighting, and new signage. Rob Gunness and Kevin Kelly of CBRE represented the seller in the transaction.
In San Diego’s Miramar area, Stos Partners acquired a 37.9k sf industrial property in an off-market transaction for $6.3 mil ($166/sf). Stos plans to reposition and improve the property with $500k in capital upgrades and expects to attract a full-building tenant quickly.
The property, which is located at 9600 Kearny Villa Rd, offers street frontage and visibility, as well as easy access to I-15 and CA-805. The building features a clear height of 24 feet, two dock- and two grade-level loading doors, and the potential to add more dock positions if needed.
According to Jason Richards, Partner at Stos Partners, the Miramar and Kearny Mesa submarkets of San Diego are the most sought-after industrial areas in this region, making this a tremendous value-add opportunity. Stos expects the property to garner interest from industrial or showroom tenants, as well as other industrial users seeking well-located, highly functional space.
Glenn Arnold and Jeffrey Sallen of Cushman & Wakefield represented both Stos Partners and the seller in the off-market acquisition.
Stos Partners also acquired a 21.2k sf industrial property in San Diego’s Kearny Mesa submarket for $4.65 mil ($219/sf). During escrow, Stos Partners negotiated a long-term leaseback on 100% of the property with the existing tenant, a motorcycle supply parts company that has occupied the project for over 15 years.
The building is located at 3670 Ruffin Rd. It offers 85% warehouse space and 15% office, as well as gated entries, five grade-level loading doors, skylights, and direct access to the I-15 freeway.
Bryce Aberg and Brant Aberg of Cushman & Wakefield represented Stos Partners as the buyer in the transaction. The seller, a private investor, was repped by Brent Bohlken, Paul Britvar and Justin Maiolo with Newmark Knight Frank.
And in the final San Diego buy, Stos Partners acquired a 53.6k sf industrial property for $6.15 mil ($115/sf). The property, a freestanding refrigeration facility, was occupied by two tenants – one of whom is the seller. Knowing that the seller would vacate upon closing, Stos was able to get the other tenant to ink a long-term lease for 100% of the building during escrow.
The building is located at 9925 Airway Dr, less than a mile from SR-11, which offers connections to SR-905, SR-125, I-805 and I-5. It is also less than one mile from the Northbound Otay Mesa Point of entry.
Louay Alsadek and Hunter Rowe of CBRE represented Stos Partners as the buyer in the transaction. The seller was repped by Erik Parker, Joe Smith, and John C. Smith of CBRE.
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