by An industrial site in Poway was sold for $6.5 million by Stos Partners, a privately held commercial real estate investment and management company with headquarters in San Diego.
For $3.6 million, the company purchased the 18,000-square-foot property in 2020. In a press statement, officials claimed that the high return on investment was the consequence of their early execution of the business plan.
Situated on 1.62 acres at 12575 Stowe Drive, the asset features two levels of office space, four grade-level doors, a secure yard, and 20-foot clear heights.
With a clear plan to unlock value upon lease expiry, we purchased the Poway property. We changed our plan to reposition the asset and find a buyer after the tenant indicated interest in an early departure. According to Jay Boyle, an executive vice president of Stos Partners, the result beyond our expectations and demonstrated the effectiveness of our approach.
Tim Clepper of San Diego Commercial represented Stos Partners in the Poway sale. The buyer, who was only named as a private owner-user, was represented by Josh West of Voit Real Estate Services.
Additionally, the company paid $5.17 million for a 39,351-square-foot standalone industrial property in Phoenix. The empty warehouse was acquired off-market from a private investor and is situated in the bustling industrial center known as the Sky Harbor submarket.
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According to CJ Stos, Founder and Principal at Stos Partners, these transactions represent two strategic properties that are in line with our investing approach of spotting opportunities at an appealing basis in markets with solid underlying fundamentals. We are still committed to acquiring operational industrial assets in areas with limited supply where we can generate value and opportunities.
