Poway HQ, Manufacturing Site Sold by Encinitas Investment Firm for $13.9 M
A corporate headquarters and manufacturing facility in Poway has sold for $13.9 million, an Encinitas commercial real estate investment and management firm announced.
The 37,530 square-foot space, at 13955 Stowe Drive, was acquired by Stos Partners last year. James Duncan and Mickey Morera from Kidder Mathews represented the firm as the seller. Rusty Williams and Chris Roth of Lee & Associates represented the private buyer.
“We knew this property’s attributes would interest buyers looking to step into the Poway market. In fact, in (the third quarter) this particular submarket saw a record-low vacancy rate of 0.4%, far surpassing the overall San Diego rate,” said Jason Richards, a principal at Stos.
The Stos team’s improvements to the property include a new roof, HVAC system, interior renovations and improvements to the parking lot and landscape.
Built in 1999 and renovated earlier this year, the property is leased to Automation NTH, a manufacturing systems company. Site amenities include two dock-high and two grade-level loading doors, a 24-foot-high warehouse ceiling and parking lot with 88 parking spaces.
“This asset is perfect for the current tenant’s needs, and the amenities make it a well-rounded space to accommodate the requirements of any future tenants specializing in biotech, manufacturing and industrial uses,” says Travis Gorzeman, vice president of asset management at Stos Partners. “The new owner will be able to capitalize on the market’s accelerated demand for prime industrial space for years to come.”
Article source: Times of San Diego