Stos Partners completes $14 million sale of 37,530-SF industrial asset in San Diego, CA

 

SOLD: A 37,530 square-foot corporate headquarters and manufacturing facility in the central San Diego County city of Poway, CA. (Photo Courtesy of Stos Partners)

POWAY, CA – Stos Partners, one of the most active commercial real estate investment and management firms in Southern California, has announced the successful sale of a 37,530 square-foot corporate headquarters and manufacturing facility in the central San Diego County city of Poway, California for $13.9 million.

 CJ Stos

“The San Diego market has seen much demand for prime industrial assets that are situated close to highways and transportation routes,” says CJ Stos, Principal at Stos Partners.

Jason Richards

 “Our team identified this asset’s value during the initial acquisition last year. Through deep relationships with local brokers, we were able to secure a buyer for the property in less than a year.”

Like many other industrial markets throughout Southern California, San Diego County has seen record-low vacancy rates in the most recent two quarters of this year, despite rising interest rates and rent prices, the latter of which have risen by nearly 24% over the past three years.

Jay Boyle

In Q2, industrial vacancy rates were reported at 1.45%, with almost 914,000 square feet of industrial space positively absorbed in that same quarter, notes Jason Richards, Principal at Stos Partners.

“A year ago, our firm acted quickly to acquire this prime asset off-market when it fell out of escrow, closing the acquisition within 40 days,” adds Richards.

Travis Gorzeman

“We knew this property’s attributes would interest buyers looking to step into the Poway market. In fact, in Q3 this particular submarket saw a record-low vacancy rate of 0.4%, far surpassing the overall San Diego rate.”

Utilizing its proven value-add strategy to renovate industrial assets, the Stos team carried out capital improvements to the property including a new roof, HVAC system replacement within the warehouse, interior renovations, and exterior improvements to the parking lot and landscape and successfully secured a tenant to fully lease the space – all in less than a year of ownership, points out Jay Boyle, Executive Vice President at Stos Partners.

Rusty Williams

“This sale speaks to our firm’s ability to identify properties that require minimal upgrades and maintenance, which can offer future owners a prime addition to their portfolio with the potential for steady cash flow,” says Boyle.

“With stabilized occupancy for the next nine years, the owner stands to benefit greatly from this acquisition in a market that has become highly competitive.”

Built in 1999 and renovated earlier this year, the property is currently leased to Automation NTH, an automated manufacturing systems company.

The tenant has access to on-site amenities including two dock-high and two grade-level loading doors, a 24-foot-high warehouse ceiling, ample parking lot with 88 parking spaces, 800-1,600 amps of power and a 3,000 square-foot wet fire suppression system.

“This asset is perfect for the current tenant’s needs, and the amenities make it a well-rounded space to accommodate the requirements of any future tenants specializing in biotech, manufacturing, and industrial uses,” says Travis Gorzeman, Vice President of Asset Management at Stos Partners. “The new owner will be able to capitalize on the market’s accelerated demand for prime industrial space for years to come.”

Chris Roth

Stos Partners was represented by James Dunkin and Vickie Barrera from Kidder Matthews as the seller in the transaction.

Rusty Williams and Chris Roth of Lee & Associates represented the private buyer in the transaction.

The property is located at 13955 Stowe Drive in Poway, California.

 

CONTACTS:

Arleeny Escarcega / Katie Haga

The Smart Agency, Inc.

(949) 438-6262

aescarcega@thesmartagency.com

 

www.stospartners.com.

 

EverWest Names Brett Birkeland Managing Director of Acquisitions for Central U.S. Region

Brett Birkeland

DENVER, CO and AUSTIN, TX – Denver-based EverWest Real Estate Investors (“EverWest”) has hired industry veteran Brett Birkeland as Managing Director of Acquisitions, responsible for the firm’s acquisitions activity in the Central U.S. market.

 

Brett brings with him 20 years of experience in acquisitions and asset management, the development and entitlement processes, and negotiating and structuring complex acquisitions for joint-venture and public and private partnerships.

 

Brett will be based out of Austin.

 

EverWest has an active presence in the Central U.S. with holdings of approximately $1.13 billion in the office, industrial and multifamily sectors. Across the U.S., the company has $5.5 billion in assets under management.

"Our acquisitions process is based on detailed market analysis and solid 'boots-on-the-ground' relationships," said EverWest Head of Acquisitions Mark Bigarel. 

Mark Bigarel

"Brett has spent decades building both of these in the Central U.S. - a region that has always been an important part of our investment strategy.

 

"We are very pleased to welcome him to EverWest and look forward to all that he will add to our team and our investment pipeline."

 

Birkeland previously served as Managing Director for ProEquity Asset Management and as Senior Vice President for LNR Property/Starwood, as well as in development and acquisitions roles.

 

He holds a bachelor's degree in Economics from the University of Texas at Austin and an MBA from Georgetown University's McDonough School of Business.

 

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

  

Ware Malcomb promotes Lori Ambrusch to Studio Manager, Science & Technology, in Washington, DC office

 

 

Lori Ambrusch

WASHINGTON, DC – Ware Malcomb, an award-winning international design firm, announced that Lori Ambrusch has been promoted to Studio Manager, Science & Technology, in the firm’s Washington, D.C. office.

 As Studio Manager, Ambrusch is responsible for leading the Science & Technology team and managing select projects.

Ambrusch has nearly a decade of experience in the architecture field – five of them as a laboratory planner. She joined Ware Malcomb as a Project Manager in 2021.

“Lori has quickly become known in the local industry and has garnered the praise of her clients,” said Michael Christensen, Regional Director, Ware Malcomb.

 

Michael Christensen

“We are excited to see her leadership and growth as she develops this sector across the East Coast, and we celebrate her promotion to Studio Manager, Science & Technology.”

Ambrusch graduated from Penn State University with a Bachelor of Architecture and Harvard University Graduate School of Design with a Master of Architecture in Urban Design.

Post-graduation, she completed Harvard’s Laboratory Design certification course. Ambrusch is also an award-winning and published designer.

 

CONTACTS:

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

 

Maria Rodgers, Director, PR & Communications 949.660.9128, mrodgers@waremalcomb.com

 

Maureen Bissonnette, Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

KAI Hires Kate Pertzsch as Senior Interior Designer in Dallas-Fort Worth, TX Office

 

 Kate Pertzsch

Dallas-Fort Worth, TX -- KAI is excited to announce the hiring of Kate Pertzsch, RID, NCIDQ as Senior Interior Designer at its Dallas-Fort Worth, Texas office.   Pertzsch is a designer, leader and facilitator with more than 26 years of diverse professional design experience.   “Kate has rapidly proven to be a valuable senior addition to our Design team. She is an interiors industry veteran with proven experience as a designer, manager, facilitator and business leader,” said KAI Managing Partner Brad Simmons, FAIA. Brad Simmons “Kate’s diverse project portfolio coupled with the depth and breadth of her background are well aligned with KAI’s growth trajectory. Kate brings a collaborative mentality and passion to create an outstanding journey for our clients – a cornerstone of our transforming communities mission at KAI.”   Prior to KAI, she was a Senior Project Manager for Entos Design and owner of Sogndal Design Studio, both in Dallas. Originally from Onalaska, Wisconsin, she has also held several interior design positions throughout Wisconsin. She is a Registered Interior Designer in Texas, NCIDQ certified through the Council for Interior Design, and has a Bachelor of Fine Art in Interior Design from the University of Wisconsin-Stout.

---

CONTACT:

Jennifer Beidle
Jennifer Beidle Communications
St. Louis, MO 63129

www.kai-db.com.

JLL Capital Markets has arranged $11 million refinancing for the 56-unit Chateau Spring Terrace in La Mesa, CA, marking JLL’s 12th financing on behalf of Universe Holdings this year

 

Elle Miraglia

SAN FRANCISCO, CA – JLL Capital Markets has arranged the $10.75 million refinancing of Chateau Spring Terrace, a 56-unit multi-housing community located in La Mesa, California.

 

JLL worked on behalf of the borrower, Universe Holdings, to secure the ten-year, fixed rate loan through Mechanics Bank.

 

Jolie Zhou 

This closing marks JLL’s 12^th financing on behalf of Universe Holding bringing the total loan amounts to $142M YTD. This legacy portfolio of 727-units is spread across Southern-California from San Diego to Ventura.

 

“These refinances have added approximately $35 million of new equity, which Universe will strategically deploy across the country in the next four months.” said Henry Manoucheri, CEO and Chairman of Universe Holdings.

 Henry Manoucheri

“Our execution was perfect in terms of timing at below market 10-year rates, right before the sudden rise in treasuries. It is all about timing, and a well-known reputation in the market for the last 29 years.”

 

Built in 1969, Chateau Spring Terrace features one-, two- and three-bedroom units with patios and balconies, efficient appliances, large closets, hardwood floors and spacious floorplans.

 Chateau Spring Terrace apartments, La Mesa, CA

Community amenities include a fitness center, a laundry facility, on-site maintenance and management, and a pool.

 

Situated at 4242 Spring St., Chateau Spring Terrace is proximate to downtown La Mesa, San Diego State University (SDSU), the trolley station and the I-8, 125 and 94 freeways.

Charles Halladay

The property is located in the East San Diego submarket, which is the largest concentration of apartment inventory in San Diego and one of the most populated areas in the metro.

 

 Vacancy has remained below 3% in the past five years. Rent growth across the entirety of the submarket sits at 8.2%.

 

The JLL Capital Markets Debt Advisory team in these transactions includes Senior Managing Director Charles Halladay, Director Jonah Aelyon, Analyst Jolie Zhou and Analyst Elle Miraglia.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Jonah Aelyon

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

CONTACT:

 Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

Atlanta Property Group Acquires Infill, Industrial Portfolio in Metro Atlanta for $49 Million

 

Smith Haverty

ATLANTA, GA  — Leading Atlanta real estate investment firm Atlanta Property Group (APG) has acquired three industrial properties and one office property in Kennesaw, Georgia for a combined purchase price of $48.7 million.

 As the firm’s first industrial transaction in Atlanta’s northwest submarket— which has seen substantial industrial activity in recent years —the acquisition highlights the firm’s efforts to expand its portfolio since reentering the industrial market in 2021. 

 “We are very pleased to plant our flag in this established industrial hub that has seen exceptional absorption and record-low vacancy rates over the last two years,” said Smith Haverty, partner at APG.

 “Kennesaw is a strategic, infill submarket with an attractive growth profile. As we continue to bulk up our portfolio, this latest acquisition reinforces our desire to secure properties in well-located, fast-growing regions across the southeast.” 

 The newly acquired portfolio comprises three warehouse facilities totaling 305,000 square feet located near Chastain Road with direct access to I-75 and I-85 — two major transportation arteries. Constructed in the mid-90s, the rear-load buildings feature 24-foot clear heights to meet a variety of tenant needs. The properties are 100% leased to 6 tenants. 

 Built in 2000, the office property is a single-story building spanning 72,000 square feet with a parking ratio of 5/1,000.

 Currently 73% leased with one vacancy totaling approximately 20,000 square feet, the property is in close proximity to Kennesaw State University, as well as the I-75 and I-575 interchanges.

Austin Chase

 Austin Chase and Grace Thompson of APG are handling leasing of the office building. 

 “We have ample capital available to continue to invest in high-quality, infill industrial properties located in submarkets across the southeast where we are confident demand will outpace supply,” said Shep Dinos, managing partner at APG.

 “In 2023, we plan to build upon our momentum with the goal of doubling our industrial portfolio and expanding into new markets.” 

 Since reentering the industrial sector last year, APG has acquired 11 buildings totaling nearly 1 million square feet across the Atlanta, Charlotte and Nashville MSAs.

 

Shep Dinos

The firm is targeting investment opportunities in key logistics hubs across the southeast, with plans to deploy $100 million of committed equity into existing industrial properties in markets including Atlanta, Charlotte, Nashville, Raleigh, and Central Florida by the end of 2023.   

 CONTACT:

The Wilbert Group

Aliya Seymour, Account Executive

www.thewilbertgroup.com

m: 678.477.3630

IndiCap and AECOM-Canyon Partners break ground on 113-acre Mesa, AZ industrial park

In the groundbreaking photo from left are: Geo Villalta, Senior Development Manager - IndiCap; Jason Kuckler, Principal - IndiCap; Todd Ostransky, Vice President of Development - IndiCap; Steve Larsen, Senior Managing Director - JLL; Carl Beardsley, Senior Director Capital Markets - JLL; Bill Jabjiniak, Economic Development Director - City of Mesa; Mike Chernine, Partner - IndiCap; Jason Moore, Senior Vice President - JLL

 

PHOENIX, AZ, Nov. 15, 2022 – IndiCap and AECOM-Canyon Partners today joined JLL and the City of Mesa to break ground on Eastmark Center of Industry, a 113-acre industrial park located in the heart of the Gateway Airport submarket in Mesa, Arizona.

Mesa Mayor John Giles

 At completion, the park will total 10 buildings and more than 1.6 million square feet of mid-bay and cross-dock Class A industrial buildings.

 IndiCap purchased the project site in April 2022 for $48 million, marking its entry into metro Phoenix and the start of a bullish expansion in the market.

IndiCap now has a total of 10 projects with over 13 million square feet of Class A industrial space planned or under development in sought-after industrial corridors including the Loop 303, Central Phoenix, Mesa, Gilbert and Casa Grande.

 “The Gateway area is drawing business of all sizes, and the Eastmark Center of Industry is an exciting addition that will serve the needs of those eager to locate in Mesa,” said Mayor John Giles. “The City of Mesa is pleased to start this new relationship with IndiCap and AECOM.”

Mike Chernine

“This groundbreaking kicks off the first in a string of metro Phoenix IndiCap projects being designed and developed for the specific needs of their unique submarkets,” said Mike Chernine, one of the principals at IndiCap.

“The Valley boasts many amazing industrial sites and Eastmark Center of Industry is one of them, with immediate access to the robust local freeway system and Gateway Airport.

 "These connections open the door to a huge range of tenants and uses. We are excited to work in partnership with AECOM-Canyon to watch this park evolve to meet this dynamic demand and we appreciate the support we’ve received from the City of Mesa throughout the process.”

Kevin Thompson

“I could not be more proud of the growth and economic activity we have seen in District 6, and especially in the Elliot Road Technology Corridor.

"This industrial development will help serve the region’s needs and will be home to advanced manufacturing companies that will bring high wage jobs to our community,” said District 6 Councilmember Kevin Thompson. “It is exciting to see this project break ground and get the first phase of Eastmark Center of Industry going.”

 Steve Larsen

 

IndiCap specializes in industrial investment and development and works to create synergistic investment opportunities bringing together all the needed elements for each project.

 It will build Eastmark Center of Industry in joint venture with AECOM-Canyon Partners, a joint venture partnership between AECOM Capital, the real estate investment arm of global infrastructure firm AECOM, and Canyon Partners Real Estate, the real estate direct investing arm of Canyon Partners LLC, a global alternative asset management firm.

Pat Harlan

AECOM-Canyon Partners was established to develop large-scale, institutional-quality commercial real estate projects in top U.S. markets.

 Upon completion, Eastmark Center of Industry will offer buildings from 83,200 square feet to 426,400 square feet, with 30’ to 36’ clear height and 160’ to 500’ building depths. Future phases may include the opportunity for build-to-suit.

 “The Southeast Valley has become a go-to industrial location, recording 1.5 million square feet of positive industrial absorption in the third quarter alone,” said JLL Senior Managing Director Steve Larsen, who serves as the exclusive leasing broker for Eastmark Center of Industry along with JLL Senior Managing Director Pat Harlan and Senior Vice President Jason Moore.

Jason Moore

“Tenants in the Gateway Airport market run the gamut of sizes and requirements, making the flexibility and modern features of this IndiCap project extremely applicable to a growing submarket.”

 Eastmark Center of Industry is located in the Elliot Road Technology corridor, minutes from a full-diamond interchange at Santan Loop 202 and Elliot Road, as well as the State Route 24 extension.

 It is also minutes from Phoenix Mesa Gateway Airport, which recently announced a $25 million expansion.

Todd Ostransky

Layton serves as the project’s general contractor. Kimley Horn is the civil engineer and Deutsch Architecture is the project architect.

 Formed by real estate industry leaders Mike Chernine and Jason Kuckler, the IndiCap development team brings over 100 years of collective experience to the Arizona and Nevada real estate markets. 

Todd Ostransky, IndiCap’s Vice President of Development (AZ), and Geovanni Villalta, IndiCap’s Senior Development Manager (AZ), lead all Arizona development projects. 

Jason Kuckler

Through their strong local relationships, IndiCap continues their pursuit of prime industrial land in the Phoenix metroplex.

About IndiCap

IndiCap, founded in 2021, specializes in industrial investment, development, consulting, and management services in Arizona and Nevada, with growth and expansion plans across other Western States.

 IndiCap's scope consists of site selection, design, site plans and construction, finance and budgets, and full development services.

Geovanni Villalta

About AECOM-Canyon Partners

AECOM-Canyon Partners is a joint venture between AECOM Capital, the real estate investment management arm of global infrastructure firm AECOM, and Canyon Partners, LLC, a global alternative asset management firm with $24.5 billion in assets under management.

 AECOM-Canyon Partners was established to develop large-scale, institutional quality commercial real estate projects in top U.S. markets.

 In addition to capital, AECOM-Canyon Partners provides best-in-class design, construction management and engineering expertise as well as credit support for its development partners.

 CONTACT:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

 

IndiCap Media Contact: Stephanie Ceccarelli

Phone: +1 702-433-4331

Email: sceccarelli@massmediacc.com

 

AECOM-Canyon Partners Media Contact: Kris Cole

Phone: +1 310-652-1411

Email: Pro-canyon@prosek.com

indicapinc.com.

www.jll.com.

https://www.aecomcanyon.com/.