June 6, 2019
San Diego-based Stos Partners divested two SoCal assets for a combined $33.5 million. That included a two-building, 170,805-square-foot industrial property in Chula Vista and a single-building, 50,643-square-foot office property in San Dimas, CA.The buyer was a partnership of New York-based KKR and Chicago-based Alpha Industrial Properties (AIP).
The Chula Vista asset at 1670 and 1690 Brandywine (pictured) was originally acquired by Stos in July of 2017 for $13.45 million. Following $1 million in capital improvements, it was bought by an undisclosed institution for $24.4 million. Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate and Brant Aberg, as well as Voit Real Estate Services’ Michael Mossmer, represented the seller.
The San Dimas asset at 650 W. Cienega was acquired in March of 2017 for $5 million and was purchased by a trade union for $9.06 million following minimal improvements. NKF’s Taylor Ing represented the seller. Cushman & Wakefield’s Brandon Burns advised the buyer.
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