LOCAL FIRM BUYS NATIONAL CITY INDUSTRIAL PROPERTY FOR $12.2 MILLION
Stos Partners of Encinitas has acquired a National City industrial building for approximately $12.2 million, the company announced.The seller of the 91,541-square-foot building, at 901 Bay Marina Drive, was an affiliate of building products distributor BlueLinx Corp. of National City, according to CoStar Group and public data.
The buyer was represented by Rusty Williams of brokerage firm Lee & Associates, and the seller was represented by Chris Holder of Colliers International Group Inc.
“The property was a rare find – a vacant industrial facility in close proximity to freeways and ports with approximately three acres of excess land,” said Stos Partners Principal CJ Stos, in a company statement. Stos Partners secured a new tenant under a long-term lease during escrow, but did not disclose the name of the tenant.
Stos said the company fielded multiple offers from prospective industrial tenants during the escrow process. The buyer plans to invest in significant capital improvements, including the building’s roof, ventilation system, exterior paint, landscaping and parking lot.
The industrial warehouse building was originally constructed on 6.12 acres in 1972, according to CoStar Group.
Article source: SDBJ.com