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7/12/21
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Stos Partners purchased a 125k sf, multi-tenant industrial property in Simi Valley for $20 mil ($160/sf) in an off-market transaction. The property, located at 2320-2380 Shasta Way, is 94% leased to a diverse base of several long-term tenants.
Stos Partners plans to immediately implement capital improvements including mechanical system upgrades, parking lot repaving, and fresh paint on both the exteriors and interiors, in order to better accommodate its current uses as well as attract new tenants and unlock new value potential.
“We were drawn to this property based on strong and secure in-place cashflow and potential for tremendous upside,” says Jason Richards, Partner at Stos Partners. “The asset is in an exceptional Ventura County location that offers close proximity to the San Fernando Valley and Downtown Los Angeles, further driving its appeal to quality tenants.”
Dan Cherrie with CBRE represented Stos Partners as the buyer.
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