Stos Acquires National City Industrial Building
The single-tenant asset will receive extensive capital improvements as the new owner looks to bank on the market's appeal.
By Alex Girda
San Diego—A single-tenant industrial asset in the National City submarket is Stos Partners’ latest San Diego-area acquisition. The privately held commercial real estate investment and management firm paid $12.2 million for the asset after it spent the escrow period procuring a long-term lease with a credit tenant. The transaction was arranged by Lee & Associates Principal Rusty Williams on behalf of the buyer, while the seller was represented by Colliers International’s Chris Holder.
901 Bay Marina Drive
Located at 901 Bay Marina Drive in National City, Calif., the industrial asset offers 91,541 square feet of space. The facility was built in 1972 and includes 3,000 square feet of office space, as well as grade-level and dock-high loading, a 20-foot clear height, and is serviced by the Burlington Northern Santa Fe railway.
According to a prepared statement, the facility will receive substantial improvement as Stos aims to invest in a new roof, new exterior paint, and new landscaping, as well as the parking and HVAC. Williams notes: “Industrial vacancy continues to tighten throughout San Diego county, making quality, well-located industrial properties difficult for both tenants and investors to secure.”
Image courtesy of Stos Partners
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