Wednesday, August 7, 2019

Stos Partners Acquires Two Southern California Assets Encompassing 97,734 SF for a Total $13.9 Million


A 27,510 SF vacant industrial building at 8330 Arjons Drive in Miramar, CA

CARLSBAD, CA and MIRAMAR CA  – Stos Partners, a privately held commercial real estate investment and management firm, in a new joint venture with Boston-based private equity firm Long Wharf Capital, has acquired two industrial assets, including a 70,224 square-foot property in Carlsbad, California and a 27,510 square-foot property in Miramar, California for a total consideration of $13.9 million.

CJ Stos
“These acquisitions speak to the continued strength of our investment strategy, through which we are successfully identifying and acquiring well-located properties, even in this ever-tightening market,” says CJ Stos, Principal of Stos Partners.

“Based on our track record as one of the most active buyers of value-add industrial, office, and flex properties in the Southern California region, we are fortunate to continue to draw upon strong local broker relationships and our surety of close to source investments poised for deep value creation.”

The firm’s recent acquisitions include:

Stos Acquires 100 Percent Leased Asset in Carlsbad:

Stos Partners has acquired a 70,224 square-foot industrial property in Carlsbad, California for $9.7 million from a private seller. The building is currently 100 percent occupied by a go-kart racing tenant with an existing lease in place.

Jay Boyle
“This was an off-market transaction sourced through a close broker relationship, purchased at an attractive basis with above-market yield,” explains Jay Boyle, Executive Vice President at Stos Partners.

 “The property provides a unique combination of secure in-place cash flow with flexible strategies to create future value driven by strong property-level attributes that will make this a highly functional asset for current or other industrial uses in the future.”

Boyle notes that the property has the right low-finish mix of office and warehouse space, as well as grade and dock high loading positions – all of which will contribute to its future marketability.

Rusty Williams
 Situated in close proximity to Carlsbad’s McClellan–Palomar Airport, the property is located at 6212 Corte Del Abeto in Carlsbad, California.

Rusty Williams and Chris Roth of Lee & Associates and Tres Reid at CBRE represented Stos Partners as the buyer in the transaction.

Stos Acquires Vacant Value-Add Asset in Miramar:

Stos Partners has acquired a 27,510 square-foot vacant industrial building located in Miramar, California for $4.2 million from a private investor.

Chris Roth
The property, which had initially been in escrow with another buyer, had been historically challenging to sell based on its previous build-out and need for extensive capital upgrades.

“This is a vacant property with significant deferred maintenance, situated in a market our team knows very well,” says Jason Richards, Partner at Stos Partners, who confirmed that Stos owns 14 properties in Miramar.

“While many other owner-operators were stalled by the property’s condition, our team immediately recognized the opportunity to create value based on the location in the heart of the Miramar submarket as well as the lack of competitive free-standing industrial buildings in the region,” says Richards.

Jason Richards
 “Utilizing our proven renovation and repositioning strategies, we will create value in the asset through substantial interior and exterior upgrades.

"Upon completion, we will implement a proactive lease-up or owner/user sale strategy.”

Planned improvements include a new roof, fa├žade, parking lot upgrades, updated landscape plan and interior renovations.

Jason Smithson from NAI represented the seller in the acquisition.

The property is located at 8330 Arjons Drive in Miramar, California.



CONTACTS:

Micaela Fehrenbach / Jenn Quader
(949) 438-6262


Ware Malcomb Announces Completion of Golden State Foods Customer Experience Test Kitchen and Innovation Center in Chicago, IL


Dawn Riegel

CHICAGO, IL, Aug, 7, 2019 – Ware Malcomb, an award-winning international design firm, today announced construction is complete on the new gsf Innovation Center located at 322 South Green Street in the West Loop neighborhood of Chicago. 

Ware Malcomb provided interior architecture and design services for the project. The project has been awarded the People’s Choice Award in the 7th Annual IIDA Illinois RED Awards program, which honors projects for their exemplary design and innovation. 

Founded in 1947, Golden State Foods is one of the largest diversified suppliers to the food service industry. The company’s new Innovation Center serves as a place to gather and experience Golden State Foods’ products. 

The 4,300 square foot space includes a test kitchen, culinary research & development lab, and creative office space including a work lounge, conference rooms, and touch-down hoteling areas – all in an open loft environment. 


Inspired by the energy of its West Loop location, the design team implemented a concept called “The Chicago Kitchen Table” to bring the project to life. 

Like the kitchen table of a home, the space is designed to serve as the heart and soul that connects Golden State Foods’ products and their restaurant partners. Classic, timeless materials were utilized throughout the space including wood, glass, brick, black iron and concrete.

“Our goal was to create a space that fuses Chicago’s West Loop neighborhood culture with Golden State Foods’ trusted, global brand,” said Dawn Riegel, Director, Interior Architecture & Design of Ware Malcomb’s Chicago and Oak Brook offices. 

 “It was important to combine a hospitality feel with a world-class culinary and office space that reflects the innovation and values of Golden State Foods.”

The General Contractor for the project was Summit Design + Build.

CONTACTS:

Rachel Reenders
VP Public Relations
 KCOMM for Ware Malcomb

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com
 Design Highlights video at