October 29, 2020
Stos Partners sold a 56,300-square-foot cold storage industrial facility in San Diego’s Otay Mesa submarket to an undisclosed private investor for $8.335 million. Stos Partners initially acquired the asset for $6.15 million in June 2019 and brought the property to 100% occupancy during escrow. Stos subsequently implemented a value-add program that resulted in a 35% value increase.
Stos Partners’ CJ Stos says, “We immediately recognized the potential in this asset based on its prime location near the U.S./Mexico border and its cold storage product type. Demand for cold storage facilities has grown exponentially during the COVID-19 pandemic, driven in large part by online shopping.”
Stos implemented a series of upgrades at the property at 9925 Airway Rd. including a new roof, new paint, mechanical enhancements, fresh landscaping, and other general building improvements.
CBRE’s Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho represented the seller.
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