connect.media: Stos Pays $11M for Miramar Industrial
In a off-market transaction, a joint venture of San Diego’s Stos Partners and Boston-based Long Wharf Capital has acquired a 55,000-square-foot industrial asset in San Diego’s Miramar submarket for $11 million. This is the partnership’s third collaborative asset purchase.
The property is currently 100% occupied. Tenants include a print and sign company as well as Maketory, San Diego’s first manufacturing co-working facility, which offers a membership-based, multi-discipline manufacturing workspace that represents an innovative new business model in co-working.
According to Stos partner Jason Richards, “This property was well-maintained by the seller and is currently 100% leased to two tenants, providing secure, in-place cash flow. Maketory is the first facility in San Diego to provide the space, tools and resources for its members to create and manufacture direct-to-consumer products. We are excited about this concept and its future marketability.”
Stos Partners currently owns 16 properties spanning 265,000 square feet in the Miramar submarket.
Article source: connect.media