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| 55,000-SF industrial asset in Miramar submarket of San Diego, CA |
MIRAMAR, CA – Stos Partners, a privately held commercial real estate
investment and management firm, in a joint venture with Boston-based private
equity firm Long Wharf Capital, has acquired
a 55,000 square-foot industrial asset in the Miramar submarket of San Diego,
California in an off-market transaction.
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| CJ Stos |
“As one of the most active buyers of industrial, flex, and office
product in Southern California, our team immediately recognized the value of
adding this core asset to our growing portfolio,” says CJ Stos,
Principal of Stos Partners.
“This is our third acquisition in partnership
with Long Wharf Capital, demonstrating the strength of our ongoing investment
strategy, through which we acquire, reposition, and operate well-located
properties that are poised to deliver long-term value.”
Stos Partners currently owns 16 properties spanning
265,000 square feet in the Miramar submarket. The firm’s continued investment
in the area coincides with robust fundamentals in the region.
“Industrial/R&D product posted 154,878
square feet of positive net absorption in Q4 of 2019, topping off 128
consecutive months of overall economic growth,” says Jason Richards, a
Partner at Stos Partners.
“Drawing
upon our deep knowledge of the nuances within this submarket, we were able to
acquire this asset at an attractive basis, which positions us to achieve strong
future yields based on the property’s high quality.”
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| Jason Richards |
Stos Partners acquired the asset from a private seller for $11
million.
“This property was well-maintained by the seller and is currently
100% leased to two tenants, providing secure, in-place cash flow,” explains
Richards.
Current tenants include a print and sign company as well as Maketory, San
Diego’s first manufacturing co-working facility, which offers a membership-based,
multi-discipline manufacturing workspace that represents an innovative new
business model in co-working.
“Demand
for co-working space continues to grow as the industry evolves to meet the
changing needs of today’s workforce,” says Richards.
“Maketory is the first facility in San Diego to provide the space,
tools and resources for its members to create and manufacture
direct-to-consumer products. We are excited about this concept and its future
marketability.”
In addition to its ideal location and strong in-place tenants,
Richard notes that the property benefits from a large yard area and two
separate entrances, delivering excellent accessibility for current and future
tenants and their customers.
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| Marc Lipschitz |
“This property represents the high quality and functionality we
are seeking as we continue to identify strategic, value-add industrial, flex,
and office acquisition opportunities throughout San Diego and Orange County,”
says Richards.
The property is located at 9431 Dowdy Drive in Miramar, California.
Marc Lipschitz of Compass represented
Stos Partners as the buyer in the acquisition.
Contacts:
Lisa James / Jenn Quader
(949) 438-6262
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