The Coast News Group: Stos Partners buys prime property in Carlsbad Village
CARLSBAD — A pair of prime real estate locations in the Village has changed hands as Stos Partners is the newest owner.
The property fronts two streets in Carlsbad Village, located at 560 Carlsbad Village Drive and at 2975 Roosevelt Street, and cost $6 million from the private seller.
The 22,000 square-foot mixed-use property comprised of retail, restaurant, creative office and residential space.
The property, which is 90 percent leased, is occupied by award-winning local restaurant and wine bar Paon, as well as a variety of retail and office tenants.
“This project has the best of everything — coastal location, high-end, urban design and construction, strong tenants, and a small amount of space we can lease to immediately increase value,” said CJ Stos, principal of Stos Partners. “Our focus is to acquire properties in coastal California markets and increase value through strategic management and leasing. This asset features cutting edge retail and office space that is attractive to local companies seeking a live/work/play beach lifestyle.”
The property, which was completed in 2008, features a host of desirable amenities including office suites, exposed HVAC as well as a 2,000 square-foot community deck with panoramic views.
“This is a beach town, and this asset is at the heart of all that is happening here,” Stos said. “We are confident in the San Diego market as a whole, and see submarkets such as Carlsbad and Oceanside becoming increasingly attractive to professionals, residents and tourists as a less expensive alternative to more premium submarkets such as Encinitas and Del Mar.”
Stos said he expects this migration to less expensive coastal areas to continue, and anticipates increased tenant and consumer demand throughout the California coast over the long term.
The property’s creative office space tenants include HighJump, a national tech company, as well as an alternative health company, which Stos Partners brought to the project during escrow.
The three-story mixed-use asset also includes two residential penthouses with coastal views, providing an added opportunity for value creation, said Jason Richards, a partner at Stos Partners.
“These are single-story living, urban, penthouse-style condos with ocean views and private two-car garages, which is simply unheard of in Carlsbad Village,” Richards said. “Based on the tremendous demand for coastal homes, the asset provides flexibility to either sell the condos individually, or to rent them, adding to the value of the asset as a whole.”
Article source: thecoastnews.com