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| Mixed-Use Property, 560 Carlsbad Village Drive and at 2975 Roosevelt Street, Carlsbad Village, San Diego, CA |
SAN DIEGO, CA – Stos Partners, a privately held
commercial real estate investment and management firm in joint venture with a
local San Diego based private equity fund, has sold a three-story, high-end
mixed-use property comprised of retail, restaurant, creative office and
residential space in the Carlsbad Village submarket of San Diego for $8.2
million.
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| CJ Stos |
The firm originally purchased the asset for $6 million in
July of 2016, according to CJ Stos,
Principal of Stos Partners.
“In just 16 months, we were able to build tremendous
value in this exceptional property,” Stos explains.
“By recognizing the potential in its
irreplaceable location, well-amenitized office and residential units, as well
as its on-site award-winning restaurant (PAON), we were able to maximize the
value of each asset class, ultimately increasing NOI and creating a solid
foundation for the next owner.”
The property is located at 560 Carlsbad Village Drive and
at 2975 Roosevelt Street, with entrances on both streets.
Eric Wohl of
Hanley Investment Group represented Stos Partners as the seller in the
transaction. The property was purchased by a private family
Stos Partners executed leases on more than 60 percent of
the building during its ownership, bringing the property’s office and
residential units to full occupancy. The
firm also implemented improvements to the property, including new exterior
paint and signage.
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| Jason Richards |
“We are fortunate to have a strong track record of
success in identifying the right properties, implementing capital improvements
that make a difference, and creating true value in the properties we own,” says
Stos.
“In this case, based on our
improved management and property-level upgrades, we were able to increase rents
on renewals as well as new leases, and generate strong risk-adjusted returns on
this investment.”
Jason Richards,
a Partner at Stos Partners, notes that the property’s increases in rental
income are driven by strengthening market fundamentals in Carlsbad, which are
fueling increased demand for coastal retail, office and residential space.
“There is continued migration to coastal submarkets as
companies and individuals realize quality of life advantages, often at more
attractive costs than major markets such as downtown San Diego,” says
Richards. “We monitor these trends to
seek acquisition opportunities in coastal Southern California markets with strong
growth potential.”
Constructed in 2008, the property features innovative and
in-demand amenities, including a 2,000 square-foot community deck with
panoramic views of the Pacific Ocean, as well as office suites with concrete
floors and exposed HVAC.
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| Eric Wohl |
The
asset also features two high-end penthouse residential units in the heart of
Carlsbad Village, which offer single-story, ocean-view living with private
two-car garages.
“As
high-end users continue to seek walkability, luxury and accessibility in
coastal living and workspace, we will continue to see high demand for these
well-located mixed-use projects,” says Richards.
.
Headquartered in San Diego with an office in Orange County, Stos
Partners is a privately held commercial real estate investment and management
firm that acquires, owns, operates and develops opportunistic commercial
properties with a focus on value-add industrial and office investments.
Led by
a Principal with a track record of being one of the most active buyers of
commercial real estate between 2009 – 2017 in Southern California, the firm
partners with high net worth private capital and institutional investors to
identify and invest in assets that are poised for strong future growth.
Stos
Partners delivers deep local expertise and longstanding relationships that
translate to a unique ability to source deals quickly and profitably.
For more
information on this transaction, please contact:
Miki (Conant) Akil · Senior Account Executive
O 949 955 7940 · C 832 260 4414
Brower, Miller & Cole
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660
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