Stos Partners completes $12.5 million sale of 61,112-sf industrial complex in San Marcos, CA after paying $8.77 million for the asset in 2021

SOLD: 61,112-square-foot industrial complex
located on 3.29 acres at 1545-1565 La Mirada Drive
 in the North County San Diego market of San Marcos, CA 

 

  SAN DIEGO, 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 61,112-square-foot industrial complex located on 3.29 acres at 1545-1565 La Mirada Drive in the North County San Diego market of San Marcos, California to a private investor for $12.5 million.

CJ Stos

Stos Partners acquired the property in May 2021 for $8.77 million.  Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle and Vice President of Asset Management Travis Gorzeman, the company implemented its value-add strategy and capital improvement program which included a new roof, parking lot, exterior painting, drought resistant landscaping and signage.

Jay Boyle 

Stos Partners was represented by Matt Pourcho, Anthony Delorenzo, and Matt Harris with CBRE along with Chris Roth, Rusty Williams, and Jake Rubendall of Lee & Associates. Brant Aberg and Bryce Aberg with Cushman & Wakefield represented the buyer in the transaction

“The North County San Diego industrial market has seen great demand for specialized manufacturing assets because of its growth in the life science, technology and communications,” says CJ Stos, Principal at Stos Partners. 

Jason Richards

“Our team identified this asset’s value during the initial acquisition in 2021. Through deep relationships with local brokers, we were able to secure a buyer in a timely manner.”

“The North County San Diego industrial market is comprised of 54 million square feet with strong vacancy of 2.2 percent,” said Richards.  “In 2022, we saw over 2.2 million square feet of leasing activity in the market.”

The property is ideally located near the California 78 Freeway, providing convenient access to neighboring communities.  It is also less than one mile from North County San Diego’s largest development, North City, which consists of 200 acres of mixed-use commercial space.

Travis Gorzeman

Competitive building features include 21 grade-level roll-up doors, secured outdoor storage areas, multiple ingress/egress points, and minimal first floor office space.

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.

 With a track record spanning nearly $1.75 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties.

Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably. More information is available at www.stospartners.com.

Matt Pourcho

CONTACT:

 David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

Historic Restoration of Pasadena’s I. Magnin & Company Building Revitalizes 475 South Lake Avenue as a Mixed-Use Destination

  

Elise Kunihiro

 

 PASADENA, CA, Sept. 15, 2023 – RDC, an award-winning architecture, planning and interior design firm, is proud to announce the transformation of the historic I. Magnin & Company building.

 

 After a decade of vacancy, the iconic 45,000-square-foot multi-level former department store is now preparing to open as a highly anticipated mixed-use destination featuring a new upscale Erewhon grocery store location, as well as Brella, an app-enabled childcare center, and Tia, an integrated women’s healthcare clinic.

Yuval Chiprut

The building is owned by 475 South Lake Avenue, LLC, an investor consortium led by Yuval Chiprut, also Erewhon’s chief development officer, and has been redeveloped working closely with Long Beach-headquartered architecture firm RDC.

 

“Erewhon’s 10^th store is a special gem,” said Erewhon CEO Tony Antoci, “The Pasadena location brings life to a historical landmark along with Erewhon’s commitment to wellness and culinary excellence.”

Tony Antoci

“The I. Magnin building revitalization offered a special opportunity to blend the architecture of the original 1949 historic landmark with modern functionality,” said Terry Todd, associate principal with RDC. 

 

 “The result is a multi-use destination that resonates with the vibrant character of the South Lake Avenue corridor."

Terry Todd

"Erewhon is continuously thinking about our customer experience and creating stores in places that reflect our core values of healthy food and community,” said Chiprut.

“By repurposing existing space, the redevelopment reduces the environmental impact of new construction,” said Elise Kunihiro, job captain with RDC.

Harold C. Chambers 

“The adaptive re-use of the landmark building aligns with Erewhon’s commitment to sustainability and responsible business practices while maintaining the cultural fabric of the community.”

 The I. Magnin & Company building is named for the iconic I. Magnin luxury department store.  Originally opened in 1949 in the distinctive Late Moderne style by renowned architect Harold C. Chambers and landscape architect Ruth Shellhorn, the building is a significant local cultural touchstone, and the City of Pasadena has designated the building as a historical landmark.

Ruth Shellhorn

The building has also gained Mills Act approval, the most important economic incentive program in California for the restoration and preservation of qualified historic buildings by private property owners, providing property tax relief for owners who actively participate in the restoration and maintenance of their historic properties.

“RDC restored and preserved the building’s original architectural features,” noted Kunihiro. “Replacing the building entry doors with modern aluminum storefront characteristic of Chamber’s design, removing entrance awnings added at a later date, substituting the exterior lights with fixtures resembling the original, and refurbishing the deteriorating original wood framed fixed windows.”

RDC’s Todd added, “Not only did the owners make a considerable investment in reclaiming the historic exterior appearance, but they also rehabilitated the structural integrity by upgrading the entire plumbing, electrical, and mechanical systems and replacing the roof to meet modern sustainability goals safeguarding the future longevity of the building.”

 

Charlotte Nobrega

RDC worked in close collaboration on the Erewhon store interiors with architects Humberto and Charlotte Nobrega.  RDC used 3D technology to scan the building, documenting the historic architectural details and technical specifications of its construction

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

Ware Malcomb Announces Construction Completed on Lessen HQ in Scottsdale, AZ

 

Lynne Orlowski

     PHOENIX, AZ – Ware Malcomb, an award-winning international design firm, announced that construction is complete on the new downtown Scottsdale headquarters for proptech innovator Lessen, located at 4800 N Scottsdale Rd.

  Ware Malcomb provided interior architecture and design services for the 25,000 square foot tenant improvement project.

 

“Lessen wanted a large space that would be attractive to teammates as they return to an office environment,” said Lynne Orlowski, Director, Interior Architecture & Design for Ware Malcomb. “This office reflects energy, fun and collaboration and exemplifies Lessen’s brand.”

 

General contracting services for the project were performed by Stevens Leinweber Construction Inc.

 

CONTACTS:

 Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

 

Maria Rodgers,

 Director,

 PR & Communications,

 949.660.9128

 

Sean Boswell

 PR Associate

 949.660.9128, 

sboswell@waremalcomb.com  

 

Photography credit:

 Kyle Zirkus Photo

ILM Expands in Orlando, FL with Long-Term Lease

 Andrew E McCaw

ORLANDO, FL — Andrew E McCaw, Vice President of Tenant Representation at NAI Realvest, represented Industrial Laser Machines, LLC in the leasing of 20,592 SF of office/flex space located at 4122 Metric Drive, Winter Park, Florida.

ILM leased 55.3% of the building on a long-term lease with future expansion rights built into the agreement. The length of the lease and financial details of the deal were not disclosed.

 

The landlord Silver City Metric, LLC was represented by Lee Zerivitz with City Commercial.

 

 ILM plans to occupy the space by the end of this year after the landlord completes the interior improvements, which will include new flooring and paint throughout and the installation of a new AC unit in the warehouse portion. The additional space will allow them to expand their presence within Orlando.

 

Lee Zerivitz 

Industrial Laser Machines, LLC is an independent innovative, high-power, high-energy laser company, focused on powerful nanosecond Solid State lasers developed for industrial applications primarily for use in materials processing. 

 

The expansion will accommodate their business growth locally and abroad in Europe and Asia.  McCaw, said, 

"This was one of the last large remaining spaces available for lease in the East Winter Park sub-market. ILM was competing with a couple other users for the same space before securing it.”  

Contacts:

 

 

Andrew E. McCaw,

 Vice President,

Tenant Representation,

 NAI Realvest,

407-875-9989,

 amccaw@realvest.com

 

Patrick Mahoney,

Business Director,

 NAI Realvest,

407-875-9989,

 pmahoney@realvest.com

 

KBS Signs 49,135 SF in Lease Agreements With Three Global and National Tenants at 24-Story Trophy Office Building in Charlotte, NC

 

                         Carillon, a 24-story, 488,277 SF

 trophy office building located 

in uptown Charlotte, NC.

 

CHARLOTTE, NC – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that it has signed 49,135 square feet of lease agreements with three global and national tenants at Carillon, a 24-story, 488,277 square-foot trophy office building located in uptown Charlotte, North Carolina.

Marc DeLuca

KBS has signed a 37,909 lease renewal with General Services Administration (GSA), on behalf of the US Attorney’s Office; an expansion with Lazard, a global financial services firm; and a 1,836 square-foot lease with Moffatt & Nichol, Inc., a global infrastructure advisory firm, which renewed at the property.

Allen Aldridge

The transactions highlight the ongoing appeal of Class A space for office users in select CBDs across the country, with Charlotte being a key market to watch, according to Marc DeLuca, CEO and eastern regional president of KBS.

 

“Best-in-class office properties in key cities nationwide are growing with companies seeking a competitive edge in their respective fields,” says DeLuca. “Charlotte, with its vibrant sports and commercial hubs and culturally artistic vibe, is one of those cities, and exceptional assets like Carillon are currently spearheading the office renaissance in these places.”

 

 Jean Tinguely

According to Cushman & Wakefield, the Charlotte region has remained relatively unaffected by recent nationwide layoffs in tech and banking woes due to the presence of stable banking institutions buoying against uncertainty in the markets.

 

Office rental rates have seen tremendous growth over the past eight years, and new leasing activity rebounded modestly in Q1 after a Q4 2022 slowdown, with more than 418,000 square feet of deals signed.

Jennifer Kurz

“KBS is adept at identifying top-tier office assets in strong locations that attract the most successful companies in the area,” says Allen Aldridge, asset manager for Carillon and senior vice president, acquisitions/co-director of asset management for KBS.

 

“Carillon is a highly desirable property in uptown Charlotte that not only draws in discerning tenants but also drives them to renew their leases and expand their footprints at this iconic building.”

 

The lease renewal with GSA, on behalf of the US Attorney’s Office is especially significant at a time when select industries have been reducing their footprints of leased office space in markets across nationwide, Aldridge notes.

Rhea Greene

“Signing a lease renewal of over 30,000 square feet reflects the strength of this property and confirms KBS as a quality landlord,” continues Aldridge.

 

Carillon is a LEED Gold-certified, ENERGY STAR-rated and UL-Verified Healthy Building featuring museum-quality interiors and artwork.

 

 Located within a block of Trade and Tryon Streets, uptown Charlotte’s “Main & Main,” the property is conveniently situated near public transportation, shopping, dining, and entertainment options.

 

With its dramatic, neo-Gothic architecture, the office tower features a newly refurbished two-story lobby with Italian Verona marble floors, a 40-foot kinetic sculpture by world-renowned artist Jean Tinguely and a grand side entry leading to the newly completed tenant amenity courtyard shared with the luxury Grand Bohemian Hotel next door.

 

Common amenities include a state-of-the-art conference center, an on-site Bright Horizons childcare center, a fitness center with showers, a car wash, and Morton’s Steakhouse.

 

Tim Arnold

Jennifer Kurz, Rhea Greene, and Tim Arnold of Trinity Partners  represented KBS in the recent leasing transactions.

 

“Carillon continues to be on the short list of preferred high-rise office buildings in Uptown,” says Kurz.

 

“Companies are drawn to its unmatched location and amenities. We expect to continue to see significant activity with the recent delivery of the market’s most elevated and sophisticated spec suites.” 

KBS has completed six spec suites ranging from 2,100 to 8,200 square feet ready for immediate move in.

 

 “Carillon’s spec suite program is a perfect fit for tenants with a shorter move schedule, and KBS continues to set the bar for high-end finishes and sophisticated design,” Kurz continued. 

 

Carillon is located at 227 W. Trade Street, Charlotte, North Carolina. Please find photos of the property here.

 

 Contact:

 Arleeny Escarcega 

aescarcega@thesmartagency.com

 

 

JLL Capital Markets led the $14.5 million financing efforts for Holly Pond Plaza medical office building which is 99% occupied in Stamford, CT

 

Holly Pond Plaza, a 73,060-SF,
multi-story medical office building
in Stamford, CT

 BOSTON, MA, Sept. 11, 2023 –  JLL Capital Markets has arranged a $14.5 million refinancing for Holly Pond Plaza, a 73,060-square-foot, multi-story medical office building in Stamford, Connecticut.

 

JLL worked on behalf of the borrower, Faros Properties, to secure the five-year, fixed-rate loan through Silicon Valley Bank, a division of First Citizens Bank.

Completed in 2003 and renovated in 2013, Holly Pond Plaza is 99% leased to three credit worthy tenants. The building features four floors of medical office space above four levels of parking for 222 vehicles.

Jonathan Schneider

Holly Pond Plaza is situated on 0.60 acres at 1281 East Main St. in Fairfield County. 

This area of southwest Connecticut features several prominent health systems, which has spurred the expansion of outpatient services and the number of medical office facilities in the area. 

The Stamford medical office is particularly strong with a robust occupancy rate and strong annual rent growth.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.

“Strong in-place metrics, along with the Sponsor’s strong reputation and track record of consistent top of the market performance at the property, resulted in competitive marketing process with multiple lenders offering attractive financing options,” Schneider said.

Contact:

Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@jll.com