Stos Partners Divests Amazon Distribution Facility
Stos Partners has sold a 91,541-square-foot industrial building in National City for $21 million. The deal included three acres of excess land.
CoStar data indicates that Amazon Inc. has occupied the building, at 901 Bay Marina Dr., as the sole tenant since January 2017, when it opened a distribution facility there.
The “last mile” fulfillment center is one of four operated by the e-commerce giant in San Diego County.
While Encinitas-based Stos Partners did not disclose the buyer, state filings indicate the National City property’s new owner is RREEF CPIF 901 Marina Bay LLC, which is affiliated with Chicago-based RREEF Core Plus Industrial Fund.
Stos Partners acquired the property in November 2016 for $12.23 million, according to CoStar data.
“Institutional buyers understand the deep value of well-located, single-tenant industrial facilities, which are perfectly positioned to serve as last-mile delivery hubs for major e-commerce companies,” said C.J. Stos, principal of Stos Partners, in a statement.
“While we initially considered holding this asset for the long-term, we recognized the increasing institutional appetite for this product type, and knew that now was the right time to sell,” Stos said.
The building was originally constructed in 1972. During its ownership, Stos Partners completed several property improvements, including a new roof, upgraded parking and new signage.
Anthony DeLorenzo, Matt Pourcho and Gary Stache of CBRE Group Inc. represented the seller.
Please see CoStar COMPS #4124019 for more information on this transaction.
Article source: Costar.com