STOS PARTNERS IN A JOINT VENTURE ACQUIRES SAN DIEGO PORTFOLIO

Newly formed RAF Pacifica Group has acquired a 16-building, 277k SF San Diego County industrial portfolio. Though the acquisition price was not disclosed, the firm’s $19.6M loan was leveraged at 50%, according to the company.

This was RAF Pacifica’s first acquisition. The portfolio includes six quality, tenant-diversified, full-occupancy, multi-tenant business parks. Based on each project’s multi-tenant structure, excellent location and range of unit sizes, RAF Pacifica considers this portfolio a cash-flow, low-risk asset and anticipates long-term ownership.

RAF Pacifica principal Adam Robinson says this was a rare opportunity, as the market for quality industrial product in San Diego County is extremely competitive. The six business parks, occupied by 87 tenants, include Carroll Way Industrial Park, Rancho Pacifica Business Center, Sorrento Mesa Commerce Center, Enterprise Business Center, Oceanside Business Park I and Oceanside Business Park II.

Four of the properties were sold to RAF Pacifica by a private international real estate investment firm, and Oceanside Business Park I and II were sold by a private owner. CJ Stos of Stos Partners is a partner with RAF Pacifica in this transaction. Brokers facilitating the transaction on behalf of RAF Pacifica were Voit Real Estate Services SVP Randy La Chance; Kidder Matthews SVP and partner Bob Willingham; and Colliers International’s AVP John Witherall, SVP Josh McFadyen and SVP Joe Crotty. Keystone Mortgage Corp director James Ruiz and closing coordinator/office manager Lori Wendel handled financing for RAF Pacific.

Article source: Patricia Kirk, Bisnow.com