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| CJ Stos |
SAN DIEGO, CA – Stos
Partners, a privately held commercial real estate investment and management
firm, has acquired a 91,541 square-foot single-tenant industrial building
situated on 6.12 acres in San Diego’s National City submarket for $12.225
million. During escrow, the firm secured a long-term lease with a credit
tenant.
“This transaction is a win for us in many
ways,” says CJ Stos, Principal of
Stos Partners. “The property was a rare
find - a vacant industrial facility in close proximity to freeways and ports
with approximately three acres of excess land.
“ We recognized the
potential from the beginning, and seized the opportunity to acquire the asset
as a vacant property. Our instincts were
strong, and we were able to lease it prior to our escrow closing.”
In fact, Stos confirms,
his firm garnered multiple offers from industrial tenants while the property
was still in escrow.
“The functionality, location and
size of this property is appealing to large credit tenants who continue to have
difficulty finding facilities with these attributes in this market,” he
says.
Rusty Williams,
SIOR, a Principal with Lee & Associates who represented Stos Partners as
the buyer in this transaction, notes, “Industrial vacancy continues to tighten
throughout San Diego county, making quality, well-located industrial properties
difficult for both tenants and investors to secure.”
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| Rusty Williams |
The National City
submarket has demonstrated robust growth in the past year, with vacancy rates
dropping to a mere 2.6-percent in recent months.
“This market climate fuels
off-market transactions, as investors seek to remain ahead of the competition,”
Williams explains. “In this case, we
sourced the opportunity before it hit the market and presented it to Stos
Partners, who was able to commit and follow through.”
Stos Partners plans to
invest in significant capital improvements for the facility. The firm will add a new roof, new exterior
paint, and new landscaping, and will upgrade the parking lot and HVAC system.
“We continue to create
value in the assets we acquire, as we actively grow our portfolio throughout
Southern California,” says Stos, who notes that his firm currently has
approximately 2,000,000 square feet in assets under management. “Successful real estate investments come from
the core fundamentals, which are the improvements, location, tenancy, economics
and operations. By focusing on these, we
continue to maximize returns while minimizing risk.”
The property is located at 901 Bay
Marina Drive in National City, California.
The seller, a public company, was represented by Chris Holder, SIOR, of
Colliers International.
For a complete copy of the company’s news release,
please contact:
Lauren Burgos / Jenn
Quader
Brower, Miller & Cole
(949) 955-7940
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