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| Stos Partners Acquires 62,000-SF Multi-Tenant Industrial Property in San Marcos, CA |
The property, which is currently 100% occupied by six tenants and facilitates a range of light industrial uses, was purchased in an off-market transaction, according to CJ Stos, Principal of Stos Partners.
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| CJ Stos |
“This acquisition is ideally aligned with our proven strategy to purchase value-add properties located within in-demand Southern California submarkets with strong potential for upside, which we are well positioned to unlock based on our experience deep expertise in market trends,” says Stos.
“We were able to draw upon our strong broker network and proven track record of rapid closings to secure this property off market.”
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| Jason Richards |
Stos Partners will implement a series of capital improvements to the property, according to Jason Richards, Partner at Stos Partners.
“By acquiring this asset at a competitive basis and implementing a series of strategic capital enhancements, we will be able to bring rents up to market rate, with the goal of ultimately stabilizing at above-market returns,” says Richards.
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| Jay Boyle |
Jay Boyle, Executive Vice President at Stos Partners, adds: “Based on our knowledge of the greater San Diego market, we will be implementing an improvement program that will include a new roof, parking lot, interior and exterior paint, new fencing, and upgraded landscaping.”
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| Chris Roth |
The property, which was purchased for $8.775 million, is located at 1545-1565 La Mirada Drive in San Marcos, California.
Chris Roth and Rusty Williams of Lee & Associates represented Stos Partners as the buyer in this transaction.
CONTACTS:
Katie Haga / Elisabeth Manville
(949)
438-6262
khaga@brower-group.com
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