 |
| CJ Stos |
SAN MARCOS, CA – Stos Partners, a privately held commercial real estate investment
and management firm has acquired an 113,500 square-foot industrial and cold
storage asset in the San Marcos submarket of San Diego, California in an
off-market transaction.
The property was acquired from a private investor for $18.9 million.
The property was acquired from a private investor for $18.9 million.
“This was a rare opportunity to acquire an institutional-quality
industrial and cold storage property with strong value potential in a logistics
epicenter for Southern California,” says CJ Stos, Principal of Stos
Partners.
“San
Marcos is strategically positioned with easy access to north and south San
Diego, as well as the rest of the Inland Empire.”
Stos Partners will implement a series of renovations and capital
improvements to the property, which is currently vacant, to strategically
position the asset to attract a variety of last mile distribution tenants.
 |
| Jason Richards |
“This
demand has become even more evident in the current environment, which will
drive long-term demand for the property over time.
"In
fact, this is our third cold storage acquisition in the last 12 months and one
of the reasons we moved very quickly on the deal and came in with an all cash
offer.”
According to Jason Richards, a Partner at Stos Partners there is a lack of
comparable product in the market.
The property also features key components that will be attractive to high-quality tenants and contribute to the property’s long-term value including 20’ to 27’ clear heights, 7.19 acres of truck storage, UPS docks, and an onsite maintenance building, in addition to the cold storage component.
 |
| Bob Willingham |
“We plan to implement a variety of improvements including upgrades to the landscaping, repaving the parking lot, updating the roof, new paint and addressing deferred maintenance.”
Richards adds, “By implementing these upgrades, we will be able to quickly
lease the vacant space and bring rents up to market value.”
The property is located at 505 S. Pacific Street in San Marcos, California. Bob Willingham of Kidder Matthews represented Stos Partners as the buyer in this acquisition.
Contacts:
Lisa James / Lexi Astfalk
Brower Group
(949) 955-7940
ljames@brower-group.com
