Stos Partners Sells San Diego-Area Assets for $34M
- Jun 07, 2019
Stos Partners has sold a two-building, 170,805 square-foot industrial property in Chula Vista, Calif., for $24.4 million. The buyer was KKR, according to Yardi Matrix data. Stos Partners originally acquired the assets at 1670 and 1690 Brandywine in July of 2017 for $13.5 million and embarked on a $1 million capital improvement project, which included renovating the roofs, landscaping, signage and parking lots.
During its ownership, Stos Partners was able to secure a long-term lease renewal with one of its tenants and leased a vacant-when-acquired space to a national tenant. Today, there are a total of six units among the two buildings, ranging in size from 25,000 to 55,000 square feet. All are currently leased.
Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate and Brant Aberg joined Michael Mossmer of Voit Real Estate Services in representing Stos Partners in the deal.
According to Cushman & Wakefield’s latest Greater Los Angeles Industrial Marketbeat, the industrial market throughout Southern California is hot, with demand at one of the highest levels of all time. It’s expected that 2019 will continue to be a banner year for the industrial market, as vacancies remain sparse.
Continuing to deal
In a separate transaction, Stos Partners also sold a 50,643 square-foot office property in San Dimas, Calif., for $9.1 million. The buyer was non-profit JJATC of Los Angeles, based on Yardi Matrix records. Stos acquired the building in March of 2017 for $5 million.
Over the last two years, the company implemented minor improvements and repositioned the property at 650 W. Cienega Ave. The San Dimas asset offers convenient access to the 57 Freeway and has a parking ratio of 6.52 per 1,000. The new owners will utilize the facility as an owner-user. Newmark Knight Frank’s Taylor Ing represented Stos Partners in the deal, while Cushman & Wakefield’s Brandon Burns represented the buyer.
In November, a joint venture between Stos Partners and Washington Capital Management paid $88 million to acquire an eight-building, 1.4 million-square-foot multi-tenant industrial portfolio in Laredo, Texas.