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| Carlsbad Village, San Diego County, CA |
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| CJ Stos |
SAN DIEGO, CA – Stos
Partners, a privately held commercial real estate investment and management
firm, has acquired a 22,000 square-foot mixed-use property comprised of retail,
restaurant, creative office and residential space in the heart of San Diego
County’s Carlsbad Village submarket.
The property, which is 90
percent leased, is occupied by award-winning local restaurant and wine bar
PAON, as well as a variety of retail and office tenants.
“This project has the best
of everything - coastal location, high-end, urban design and construction,
strong tenants, and a small amount of space we can lease to immediately
increase value,” says CJ Stos,
Principal of Stos Partners.
“Our focus is to acquire properties in coastal
California markets and increase value through strategic management and leasing.
This asset features cutting edge retail and office space that is attractive to
local companies seeking a live/work/play beach lifestyle.”
The property, which was
completed in 2008, features a host of desirable amenities, including office
suites with concrete floors and exposed HVAC as well as a 2,000 square-foot
community deck with panoramic views.
“This is a beach town, and
this asset is at the heart of all that is happening here,” says Stos. “We are confident in the San Diego market as
a whole, and see submarkets such as Carlsbad and Oceanside becoming
increasingly attractive to professionals, residents and tourists as a less
expensive alternative to more premium submarkets such as Encinitas and Del
Mar.”
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| Jason Richards |
Stos expects this
migration to less expensive coastal areas to continue, and anticipates
increased tenant and consumer demand throughout the California coast over the
long term.
The property’s creative
office space tenants include HighJump, a national tech company, as well as an
alternative health company which Stos Partners brought to the project during
escrow.
The three-story mixed-use
asset also includes two residential penthouses with coastal views, providing an
added opportunity for value creation, according to Jason Richards, a Partner at Stos Partners who was integral in this
acquisition.
“These are single-story
living, urban, penthouse-style condos with ocean views and private two-car
garages, which is simply unheard of in Carlsbad Village,” says Richards. “Based on the tremendous demand for coastal
homes, the asset provides flexibility to either sell the condos individually,
or to rent them, adding to the value of the asset as a whole.”
Richards notes that Stos
Partners plans to implement exterior improvements to the property, including
new paint and maintenance upgrades.
The property fronts two
streets in Carlsbad Village, and is located at 560 Carlsbad Village Drive and
at 2975 Roosevelt Street.
Barry Hendler
of Cushman & Wakefield represented Stos Partners as the buyer in the $6
million acquisition. The seller, a
private company, was also represented by Hendler.
For a complete copy of the company’s news release,
please contact:
Devin Ugland / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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