Encinitas CA— Stos Partners, a privately held commercial real estate investment firm, has acquired an approximately 125,000 square-foot multi-tenant industrial property in the Ventura County submarket of Simi Valley, California, from a private seller for $20 million.
According to Jason Richards, Partner at Stos Partners, the San Diego-based firm was able to draw on close relationships to secure the asset through an off-market transaction.
“We were drawn to this property based on strong and secure in-place cashflow and potential for tremendous upside,” says Richards. “The asset is in an exceptional Ventura County location that offers close proximity to the San Fernando Valley and Downtown Los Angeles, further driving its appeal to quality tenants.”
The property is 94% leased to a diverse base of several long-term tenants, notes Richards.
CJ Stos, Principal at Stos Partners, adds: “Drawing upon deep experience in industrial markets throughout Southern California, we are continuously monitoring for opportunities to acquire properties best situated for growth. Our firm’s ability to quickly identify and source deals speaks to the strength of our relationships, as well as our strong track record and reputation in the industry.”
According to Tanner Jansen, Vice President of Acquisitions at Stos Partners, the asset presents the opportunity to bring rents up to market through Stos Partners’ proven value-add business plan.
“We will immediately implement capital improvements including mechanical system upgrades, parking lot repaving, and fresh paint on both the exteriors and interiors, in order to better accommodate its current uses as well as attract new tenants and unlock new value potential,” Jansen explains.
The property is located at 2320-2380 Shasta Way in Simi Valley, California. Dan Cherrie with CBRE represented Stos Partners as the buyer.
About Stos Partners
Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors. With a track record spanning more than one billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through opportunistic acquisitions, strategic redevelopment and ground-up development of both institutional and small-to-mid-cap commercial properties.
Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably. More information is available at www.stospartners.com.