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Commercial Real Estate Transactions

Stos Partners Turns $48 Million in Investments Into Nearly $83 Million in Sales

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The firm has closed the sale of a 228,912 square-foot Temecula industrial asset for $40.75M after achieving a 41% value increase; This comes on the heels of Stos’ recent San Diego cold store facility sale through which the firm achieved a 123% value increase

Stos Partners, one of the most active commercial real estate investment and management firms in Southern California, has announced the $40.75 million sale of a 228,912 square-foot industrial asset in the Inland Empire submarket of Temecula, California, bringing its total sale volume for the month of July 2021 to $82 million.

“Our two most recent sales demonstrate the magnitude of value creation that is possible in the current market with the right industrial investment strategy,” says CJ Stos, Principal at Stos Partners. “We were able to successfully turn $50 million in investments into $82 million in sales within an 18-month ownership period. This reflects the strength of our investment platform as well as the ever-increasing institutional appetite for well-positioned, well-located industrial product.”

Stos’ most recent sale in Temecula was to a San Diego-based private institution. Stos initially acquired the asset for $28.9 million in April of 2020 and implemented a value-add program through which the firm successfully secured a long-term tenant and ultimately achieved a 41% value increase.

“We recognized early on that this asset was located on a path of growth, with a tremendous amount of unrealized value,” says Stos. “This sale speaks to our expertise in acquisitions and execution, and to the depth of our broker relationships, through which we were able to identify this asset and complete its strategic lease-up and sale.”

The firm’s recent transactions also reflect continued demand in the industrial sector, buoyed by strong local fundamentals, as well as emerging and accelerated trends over the past year and a half, notes Jason Richards, Partner at Stos Partners.

“We are extremely well-capitalized and have an exceptional understanding of these Southern California industrial markets, so we are able to move and act quickly to close deals and execute our business plans when the timing is right,” says Richards.

According to Jay Boyle, Executive Vice President at Stos Partners: “While many firms hit pause and sidelined early in the pandemic, we had the foresight, confidence, and expertise to forge ahead. Because of this, we were able to create rapid value for our partners and investors, and ultimately achieve these respective 123% and 41% value increases in a relatively short hold period. These fundamentals bode well for the future, as we continue to actively acquire well-located industrial and office properties throughout Southern California and Texas.”

The firm’s most recently sold property is located at 42301 Zevo Drive in Temecula, California. Darla Longo, Barbara Perrier, Louay Alsadek and Hunter Rowe with CBRE, and Bob Willingham with Kidder Matthews and Scott Stewart with Lee & Associates represented Stos Partners as the seller in this transaction.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Commercial Real Estate

CBRE Completes $6.3 Million Sale of 25-Unit Multifamily Community in Fontana, California to Private Local Buyer

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CBRE announced the sale of a 25-unit multifamily community in Fontana, California to a local private investor for $6.3 million.

Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented both the private seller and private buyer in the transaction.

Located at 8919 Mango Ave. in Fontana, the property, built in 1973, offers a mix of one-bedroom, two-bedroom (townhouse-style), and three-bedroom floorplans with an average unit size of 787 square feet. Units feature high speed internet access, air conditioning and heating, and kitchen appliances. Property amenities include on-site laundry, carport and surface parking, secure entry gate and lush landscaping.

“This 25-unit property is a quality asset with substantial value-add upside potential in one of the best performing cities of the Inland Empire,” said Torgerson. “The property has historically performed well and is poised for future rent growth as the new owner plans to strategically renovate the interior and exterior of the property.”

He added, “This was a transaction in which our team negotiated seller financing, allowing the seller to achieve their target pricing while simultaneously enabling the buyer to immediately cash flow.”

The community is walking distance to Veterans Park, Chaffey College Fontana Campus and various restaurant options. It is also near Kaiser Hospital Fontana, the Fontana Metrolink Transit Station, retailers and Interstate 10.

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Commercial Real Estate

Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA

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COMMERCIAL REAL ESTATE TRANSACTION ALERT

Progressive Real Estate Partners, the leading SoCal Inland Empire retail real estate brokerage firm, announced the sale of 4.84 acres of land at 1400 E. Arrow Highway in Upland, CA for $6.5M in an all-cash transaction.

The Landmark Company, which is a SoCal based real estate investment and development company, purchased the land and has partnered with Century Communities to build the Rose Glen residential development.

The neighborhood will feature 64 two-story single family detached homes with two-car attached garages for an overall density of 13.2 dwelling units per acre.  The homes are approximately 1,540 square-feet and will feature a Spanish Colonial and Santa Barbara architectural style. Additional neighborhood features will include open space to accommodate play areas, picnic tables, fitness stations and barbeque areas.  Grading is projected to start in July with the first Rose Glen homes being available in the 2nd quarter of 2024.

Progressive Real Estate Partners’ Senior VP Paul Galmarini and Investment Land & Sales specialist Chris Lindholm represented both the Inland Empire based private-party seller and The Landmark Company in the transaction.

Century Communities, Inc. is a publicly traded (NYSE: CCS) top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. The Colorado-based company operates in 18 states and over 45 markets including several developments in Southern California’s Inland Empire.

According to Galmarini, “Although the land was zoned light industrial the City of Upland had identified the area as being well suited for residential based on the adjacent uses and proximity to schools and other amenities. With the current housing shortage and California mandates to build more homes, cities across the Inland Empire are being very pro-active to identify new residential opportunities. The rezoning and entitlement process took approximately two years and during that time we worked closely with Landmark to obtain the necessary approvals.”

Lindholm added, “Rose Glen will be an excellent addition to the Upland community and offer prospective homebuyers a great opportunity to acquire a new home with modern interior features and convenient amenities. The property is also just a short distance from Downtown Upland which is undergoing a revitalization and features a variety of shops and restaurants with several new eateries opening this year. Additionally, the Downtown Upland Metrolink train station provides residents easy travel options between San Bernardino and Los Angeles.”

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Commercial Real Estate

CBRE Arranges $27.7 Million Sale of Meadows Village Center, a 67,336 SF Center Anchored by Regional Grocer Barons Market, Wells Fargo, Palomar Health, and others in Temecula, Calif.

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Multiple Bids Validates Continued Investor Demand for High-Performing, Grocery-Anchored Retail

CBRE announced the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center featuring Barons Market and CVS Pharmacy (not a part of the sale) in Temecula, California, to Newport Beach, California-based investor, RA Centers, for $27.7 million.

Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners – West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga, California.

Meadows Village Center is located at 31963 Rancho California Road on 7.98 acres in Temecula. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.

“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.

“CBRE generated significant offer activity from private 1031 exchange buyers and professional investors, largely fueled by the established Temecula location, Barons Market’s recent lease renewal and the seller’s investment in the property,” continues Slusher. “This sale validates that investor demand for high-performing, grocery-anchored retail continues to drive competitive bid scenarios.”

Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Road (22,550 CPD), connecting Meadows Village and Interestate-15 to the west.

Slusher, Voorhees, and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona, and Hawaii, representing the most accomplished retail investors in the U.S.

The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and also ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets, and parcelized disposition strategy opportunities.

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