Stos Partners Buys Long Beach Industrial Asset
The company picked up the fully leased property for roughly $8 million.
2031 Redondo Ave. Image courtesy of Stos Partners.
Stos Partners has acquired a 35,000-square-foot, two-tenant industrial property in Signal Hill, Calif., for $8.4 million. Lee & Associates represented the buyer in the transaction. The investment marks the company’s first acquisition in the Long Beach submarket.
Stos Partners plans to renovate the property. Upgrades include a new roof, parking lot resurfacing, fresh paint, landscaping and a revamp of the entry area. Originally built in 1970, the industrial building was last altered in 1999, according to CommercialEdge data. The property is fully leased and Wine Country has been a tenant since 1997.
Located at 2031 Redondo Ave., the property is in a submarket with a below 1 percent vacancy rate, according to prepared remarks from Tanner Jansen, vice president of acquisitions at Stos Partners. Interstate 710 is less than 5 miles west of the development, while Interstate 405 is less than a mile north. Long Beach Airport is some 2 miles northeast, while the Port of Long Beach is around 8 miles away.
Chris Smith led the Newmark team, which represented Stos Partners in this transaction. In 2021, Stos Partners transacted more than $330 million in commercial properties. The transactions were in markets across Southern California, Arizona and the Midwest.
You must be logged in to post a comment.