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| R&D/Office Property, 5816 Dryden Place, Carlsbad, CA |
CARLSBAD CA, Sept. 26, 2019 – Stos Partners, a privately held commercial real estate investment and management firm, has acquired a multi-tenant R&D/office property in Carlsbad, California, bringing the firm's year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California.
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| CJ Stos |
"This acquisition reflects the continued success of our firm's investment strategy, through which we are able to identify and acquire value-add properties in high-demand industrial and office locations, despite today's tight market," says CJ Stos, Principal of Stos Partners.
"As one of Southern California's most active buyers of value-add industrial, office, and flex properties, we were able to draw upon our strong broker network and proven track record of rapid closings to secure this property among a pool of competitive buyers.”
Stos acquired the two-tenant R&D/office property from the seller, a private entity, and negotiated a sale/leaseback through which the seller will remain a long-term tenant, occupying 79% of the 22,156 square-foot building.
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| Jason Richards |
Stos also successfully negotiated a reduced price and favorable structure that provides increased flexibility to improve the property and successfully execute the business plan, according to Jason Richards, a Partner at Stos Partners.
“The remaining vacant suite will undergo an extensive renovation and presents a tremendous opportunity to deliver highly desirable, efficient and competitively priced office space for lease in the Carlsbad market,” says Richards.
The Stos team plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements to attract small to mid-sized tenants seeking well located, low cost office space.
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| Jay Boyle |
“By acquiring this asset at a competitive basis and implementing a series of strategic capital enhancements, we will be able to offer the remaining space at a lease rate as low as 20% below market, while still exceeding our investment goals for the property,” says Jay Boyle, an Executive Vice President with Stos Partners.
Situated in close proximity to the I-5 Freeway and an abundance of retail amenities, the property is located at 5816 Dryden Place in Carlsbad, California.
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| Adam Foster |
Adam Foster of Foster Commercial Real Estate represented Stos as the buyer in the acquisition.
Contact:
Katie Haga / Jenn Quader
(949) 438-6262
