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| 22,156 square-foot multi-tenant R&D in the San Diego County submarket of Carlsbad, CA |
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| CJ Stos |
The firm initially acquired the asset in September 2019 in a sale-leaseback transaction, according to CJ Stos, Principal of Stos Partners.
“Upon acquisition of this property, we leased approximately 85% of the space back to the seller, Professional Rugby team San Diego Legion,” says Stos.
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| Jason Richards |
Stos notes that the firm ultimately secured a national credit tenant, Sierra Wireless, to occupy the remaining 4,700 square feet of ground-floor office space, despite COVID-19’s impacts on the sector.
According
to Jason Richards, Partner at Stos Partners,
expertise in carrying out strategic and cost-effective capital improvements
allowed the firm to deliver competitive office space to the market.
“Once the pandemic hit, our team immediately improved the vacant office portion,” explains Richards. “We were able to offer the lowest cost in Carlsbad for space of that caliber, which ultimately attracted interest from several potential tenants, even with more than 90 available spaces on the market in that size range.”
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| Jay Boyle |
The property, which was purchased for $3.78 million and sold for a total consideration of $5.24 million, is located at 5816 Dryden Place in Carlsbad, California.
Matt Pourcho of CBRE represented Stos Partners as the seller in the transaction. Fred Aframian of CBRE represented the buyer in the transaction
CONTACTS:
Katie
Haga / Elisabeth Manville
(949) 438-6262
