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| 113,500 square-foot cold storage industrial facility, 505 South Pacific Street, San Marcos, CA |
San
Marcos, CA – Stos Partners, a privately held
commercial real estate investment firm, has announced the sale of a 113,500
square-foot cold storage industrial facility in the San Diego, California
submarket of San Marcos.
CJ Stos
Stos Partners initially acquired the vacant asset for $18.9 million in April of 2020. After implementing a strategic value-add program and securing a triple-net lease to Stone Brewing, the largest brewery in Southern California, the firm sold the property for $42.2 million to an institutional buyer, notes CJ Stos, Principal at Stos Partners.
Jay Boyle
“We
immediately recognized the potential in this asset based on its prime location
with easy access to North and South San Diego, as well as the Inland Empire,”
says Stos.
Jason Richards
“Demand
for cold storage facilities has grown exponentially during the COVID-19
pandemic. In fact, the value of the cold storage sector is on track to grow by
$102.2 billion in the next five years, according to a recent Transwestern report.”
Darla Longo
The Stos team was able to build on these strong fundamentals as well as the strength of the local San Diego industrial market to create property-level value, ultimately leasing the property Stone Brewing, who plans to use the building as its headquarter location, according to Jay Boyle, Executive Vice President at Stos Partners.
“The San Diego industrial market is outperforming many others in the nation, posting its highest net absorption since 2018 in Q1 of 2021,” says Boyle.
Barbara Perrier
“As
a seasoned investor in this community, our firm understands the nuances of the
local market and maintains strong relationships with exceptional brokers and
partners, allowing us to move quickly and nimbly in response to market drivers.
"At an uncertain time when many investors brought their activity to a halt, we had the experience, confidence, and foresight to proceed with this acquisition and lucrative business plan.”
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| Louay Alsadek |
“The
vision for this project was to transform an under-used cold storage facility in
an in-demand location into a performing investment, and we’ve accomplished
exactly that,” Jason Richards, partner with Stos Partners, explains.
The
property is located at 505 South Pacific Street in San Marcos, California.
Hunter Rowe
Darla
Longo, Barbara Perrier, Louay Alsadek and Hunter Rowe with CBRE, and Bob
Willingham with Kidder Matthews represented Stos Partners as the seller in
this transaction.
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.
Bob Willingham
With
a track record spanning over 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.
CONTACTS:
Katie
Haga / Elisabeth Manville
(949)
438-6262
