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| CJ Stos |
LAREDO, TX – Stos
Partners, a privately held
commercial real estate investment and management firm, has acquired an eight-building,
1,352,047 square-foot multi-tenant industrial portfolio in the U.S. border city
of Laredo, Texas in an off-market transaction for a total consideration of $88
million.
The asset – Stos Partners’ first in Texas - was purchased in JV
partnership with institutional investor Washington
Capital Management on
behalf of one or more of its investment clients.
“This is a milestone opportunity
for any investor,” says CJ Stos, Principal of Stos Partners. “Our ability to
source an asset of this magnitude off-market and significantly increase its
value during escrow speaks to the depth of our capabilities, both as real
estate operators and investors.”
Stos Partners was successful in
attracting and signing several new leases during escrow, adding to a tenant
base comprised primarily of publicly traded credit tenants.
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| Jason Richards |
“This submarket commands an
industrial presence from some of the strongest companies in the U.S.,” says
Stos.
“The property is just five miles from the City of Laredo’s World Trade
Bridge and World Trade Port of Entry, which is the busiest commercial crossing
in the United States, facilitating more than $300 billion in imports and
exports annually.”
The City of Laredo is widely
recognized as the number one inland port along the U.S.-Mexico border.
More
than 2.5 million trucks crossed the border in 2017, and the market is also home
to 510 freight forwarders, 210 trucking companies, and 105 U.S. Customs
Brokers.
“The Laredo submarket has
historically been a challenge to transact in due to tightly controlled
supply. This combined with the unwavering demand by national companies
with a must have presence make it one of the most attractive industrial markets
in the country,” says Jason Richards, a Partner at Stos Partners.
“Industrial vacancy in Laredo stands between 1 and 2 percent, with vacancy
rates averaging 4.65 percent and never exceeding 8.8 percent over the last 16
years. Acquiring this kind of portfolio in this market is a rare opportunity and
will provide strong returns and growth on a long-term basis.”
CONTACTS:
Lisa James/Jenn Quader
Brower Group
(949) 955-7940
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