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A 27,510 SF vacant industrial building at 8330 Arjons Drive in Miramar, CA
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CARLSBAD, CA and MIRAMAR CA – Stos Partners, a
privately held commercial real estate investment and management firm, in a new
joint venture with Boston-based private equity firm Long Wharf Capital,
has acquired two industrial assets, including a 70,224 square-foot property in
Carlsbad, California and a 27,510 square-foot property in Miramar, California
for a total consideration of $13.9 million.
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| CJ Stos |
“Based on our track record as one of the most active buyers
of value-add industrial, office, and flex properties in the Southern California
region, we are fortunate to continue to draw upon strong local broker
relationships and our surety of close to source investments poised for deep
value creation.”
The firm’s recent acquisitions include:
Stos Acquires 100 Percent Leased Asset in Carlsbad:
Stos Partners has acquired a 70,224 square-foot industrial
property in Carlsbad, California for $9.7 million from a private seller. The
building is currently 100 percent occupied by a go-kart racing tenant with an
existing lease in place.
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| Jay Boyle |
“The property
provides a unique combination of secure in-place cash flow with flexible
strategies to create future value driven by strong property-level attributes
that will make this a highly functional asset for current or other industrial
uses in the future.”
Boyle notes that the property has the right low-finish mix
of office and warehouse space, as well as grade and dock high loading positions
– all of which will contribute to its future marketability.
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| Rusty Williams |
Rusty Williams and Chris Roth of Lee &
Associates and Tres Reid at CBRE represented Stos Partners as the buyer
in the transaction.
Stos Acquires Vacant Value-Add Asset in Miramar:
Stos Partners has acquired a 27,510 square-foot vacant
industrial building located in Miramar, California for $4.2 million from a
private investor.
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| Chris Roth |
“This is a vacant property with significant deferred
maintenance, situated in a market our team knows very well,” says Jason Richards,
Partner at Stos Partners, who confirmed that Stos owns 14 properties in
Miramar.
“While many other owner-operators were stalled by the
property’s condition, our team immediately recognized the opportunity to create
value based on the location in the heart of the Miramar submarket as well as
the lack of competitive free-standing industrial buildings in the region,” says
Richards.
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| Jason Richards |
"Upon completion, we will implement a proactive lease-up or owner/user sale strategy.”
Planned improvements include a new roof, façade, parking lot
upgrades, updated landscape plan and interior renovations.
Jason Smithson from NAI represented the seller in the acquisition.
Jason Smithson from NAI represented the seller in the acquisition.
The property is located at 8330 Arjons Drive in
Miramar, California.
CONTACTS:
Micaela Fehrenbach / Jenn Quader
(949) 438-6262
