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| Stos Partners Brokers $10.4 Million, 65,300-SF, 100 Percent-Leased Temecula, CA Industrial Property |
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| CJ Stos |
TEMECULA, CA, June 4, 2020 – Stos Partners, a privately
held commercial real estate investment and management firm, has sold a 65,300
square-foot industrial asset in Temecula, California for $10.4 million.
The
property was sold to an Orange County-based private investor in an off-market
transaction.
According to Principal at Stos Partners, CJ
Stos, the firm has remained extremely active despite the current
environment.
Stos Partners has closed nearly $100 million in transactions since
January of this year, including three deals that were completed within the last
six weeks.
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| Jay Boyle |
“We are one of the most active investors in
Southern California,” says Stos. “We are extremely well-capitalized and have an
exceptionally deep understanding of these local markets so we are able to move
and act quickly to get deals done.”
Stos Partners initially acquired the asset in
April of 2019, repositioning and selling the asset in approximately one year.
“We initially acquired the asset for $7.1
million, quickly implementing a series of upgrades and improvements to the
property,” says Jay Boyle, Executive Vice President at Stos Partners.
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| Rob Gunnes |
“This allowed us to quickly lease up the
property, bringing it to full occupancy with long-term leases in-place within
the first month of ownership.
"This ultimately attracted a lot of buyer
attention, which created the opportunity to sell the asset for a premium one
year later.”
At the time of acquisition, the building was 47%
occupied by a publicly-traded international consumer goods and farm products
company in a sale-lease back transaction.
During escrow, Stos Partners was able
to attract an additional tenant to occupy the remaining 53% of the building.
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| Anthony DeLorenzo |
“Because of our deep expertise within the local
market, we were able to negotiate a lease with Habitat for Humanity to lease
the remaining vacant space at the building on a long-term lease," Boyle
says.
"This significantly increased cash flow and enhanced the
overall value of the property. This sale speaks to our strength in identifying
assets with strong value potential, executing on our business plan, and bringing
an asset to market that is highly sought after by tenants and buyers even in
the current environment.
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| Matt Pourcho |
"As a result, we were able to deliver
returns that exceeded investor expectations.” The property is located at 28410 Vincent Moraga
Drive in Temecula, California.
Rob Gunnes, Anthony DeLorenzo and Matt Pourcho
of CBRE represented Stos Partners as the seller in the transaction.
Tucker Hohenstein and Mike Erwin
of Colliers International represented the buyer, a private investor.
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| Tucker Hohenstein |
About Stos
Partners
Stos Partners
is a privately held commercial real estate investment and management firm that
invests in real estate directly and in partnership with high net worth and
institutional investors.
With a track
record spanning over one-half billion in investments to date, the firm targets
the most competitive risk-adjusted returns in the marketplace through
opportunistic acquisitions, strategic redevelopment and ground-up development
of both institutional and small-to-mid-cap commercial properties.
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| Mike Erwin |
Headquartered
in San Diego, California with an office in Orange County, California and
Laredo, Texas, Stos Partners’ local expertise and longstanding relationships
translate into the ability to source, fund and close transactions quickly and
profitably.
CONTACTS:
Katie
Haga / Lexi Astfalk
(949)
438-6262
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