Stos Partners Buys Inland Empire Industrial Asset for $29M
- Apr 30, 2020
Stos Partners has acquired a 228,912-square-foot industrial facility in Temecula, Calif., from a private investor, for $28.9 million. Riverside County public records show Zions Bank originated a $19.8 million acquisition loan for the new owner.
Located at 42301 Zevo Drive, the asset is less than 2 miles from Interstate 15 and 8 miles from central Temecula. The property is fully leased to Abbott Laboratories, a publicly-traded healthcare company. The tenant will utilize the building as part of its distribution network for quick COVID-19 tests. According to Jason Richards, a Partner at Stos Partners, the demand for healthcare services and products will not be impacted by market fluctuation, especially in the current climate.
Lee & Associates Vice President Scott Stewart represented the buyer, while Vice President Alisa Lovas worked on behalf of the seller in an off-market transaction. Recently, the brokerage company represented the buyer in the $20 million sale of two office/flex properties in Hollywood, Calif.