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4/21/20
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Stos Partners has acquired a 113.5k sf industrial and cold storage asset in San Marcos for $18.9 mil ($166.50/sf) in an off-market transaction. The property is located at 505 S. Pacific St, south of Rancho Santa Fe Rd off Hwy 78. San Marcos is strategically positioned with easy access to north and south San Diego, as well as the rest of the Inland Empire.
Stos Partners will implement a series of renovations and capital improvements to the property, which is currently vacant, to strategically position the asset to attract a variety of last mile distribution tenants. This is the firm’s third cold storage acquisition in the last 12 months.
The property features key components that will be attractive to high-quality tenants and contribute to the property’s long-term value. This includes 20’ to 27’ clear heights, 7.19 acres of truck storage, UPS docks, and an onsite maintenance building, in addition to the cold storage component.
“This property has great bones and with the right capital improvements is an excellent addition to our existing portfolio in San Diego,” commented Jason Richards, a Partner at Stos Partners. “We plan to implement a variety of improvements including upgrades to the landscaping, repaving the parking lot, updating the roof, new paint and addressing deferred maintenance.”
Bob Willingham of Kidder Matthews represented Stos Partners in the deal. It was sold by a private investor.
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