August 3, 2017
San Diego-based Stos Partners acquired a 170,805 square-foot, two-building industrial project in Chula Vista, CA for $13.45 million. The multi-tenant property, which was acquired off-market, is currently 100% occupied by a mix of local and national credit tenants in industries such as manufacturing, medical supply and distribution, as well as defense.
Stos Partners’ Jason Richards says, “This is one of the most sought-after opportunities in the region, and we were able to acquire it at a price that many would think was not possible.”
The investor believes it acquired the asset 50% below replacement cost, and expects to capture additional value as a result of the property’s in-place rents, which are 25% below-market in a supply-constrained market. Stos Partners plans to update and modernize the property, located at 1670-1690 Brandywine Ave.
Voit Real Estate Services’ Michael Mossmer represented the buyer, as well as the unnamed private family seller.
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