Encinitas-based real estate investment and management firm Stos Partners has acquired two industrial properties in L.A., including one in San Fernando, for more than $12 million. The other asset was in La Mirada.
“We recognized the strong potential these markets can deliver to users seeking well-located spaces with amenities that cater to their needs,” CJ Stos, principal of Stos Partners, said in a statement. “Competition for industrial space continues to grow rapidly throughout the nation, especially in key markets like Los Angeles. This can be attributed to an increasing lack of available properties and a growing number of tenants looking to perfect their logistical channels.”
The San Fernando property is located at 2021 First St. The site contains a 9,105-square-foot industrial refrigeration facility and is Stos Partners’ fifth cold storage industrial asset.
The property, which was built in 1958 and renovated in 2004, has a sub-tenant in place.
“This cold storage asset provides significant flexibility, as it can be easily repurposed to fit future tenants’ needs,” Jason Richards, a partner at Stos, said in a statement. “Further, this property is extremely well located in an infill industrial pocket near a significant population hub, positioning it well for last-mile distribution.”
Newmark Group Inc.’s Andrey Mindirgasov represented Stos Partners in the transaction. C3 Bank provided financing.
Stos Partners also acquired a 22,000-square-foot industrial property in La Mirada. The property is currently leased to one tenant.
Stos Partners plans to upgrade both properties, making changes such as parking lot resurfacing and mechanical improvements.
“We expect that amenitized industrial assets will continue to be in strong demand throughout the next several years,” Tanner Jansen, vice president of acquisitions at Stos Partners, said in a statement. “By adding these acquisitions to our portfolio, our team will administer our strategic capital renovation plan and eventually re-tenant the assets, capitalizing on rising rental rates as the market continues to show new all-time highs.”