 |
SOLD: This 70,224 square-foot industrial property
in the San Diego County submarket of Carlsbad, CA
for $13 million in an off-market transaction.
|
 |
| CJ Stos |
“After purchasing this cash-flowing asset with an in-place lease at an attractive basis, our initial business plan was to hold the property long term and explore future repositioning opportunities,” explains Stos.
“Ultimately, we were approached by an institutional-grade buyer after just over a year of ownership, who presented us with a strong offer that we could not turn down.”
According to Jason Richards, Partner at Stos Partners, this transaction reflects the firm’s ability to remain nimble: “As one of the most active commercial real estate investors in Southern California, we are in tune with the market and can quickly evaluate and strategically act on opportunities like these.”
 |
| Jason Richards |
Jay Boyle, Executive Vice President at Stos Partners, adds:
“The fact that we were able to
sell this asset for 34% more than our purchase price, after just over 18 months
and implementing only very minor landscaping upgrades, speaks to the strength
of our close relationships within the market and the continued high demand and
growth trajectory of the industrial sector, despite the uncertainty of this
past year.”
Stos Partners initially purchased the asset in a joint venture with Boston-based private equity firm Long Wharf Capital. Situated in close proximity to Carlsbad’s McClellan-Palomar Airport, the property is located at 6212 Corte Del Abeto in Carlsbad, California.
 |
| Jay Boyle |
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 approximately
one billion in transactions 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.
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 / Elisabeth
Manville
Brower Group
(949) 438-6262
khaga@brower-group.com
No comments:
Post a Comment