The Registry: Stos Partners Completes $9.25MM Sale OF 21,980 SQFT Industrial LA Property
Stos Partners, one of the most active commercial real estate investment and management firms, has announced the successful sale of a 21,980-square-foot industrial building located at 14575 Firestone Boulevard in La Mirada, California to an owner user for $9.25 million.
Stos Partners acquired the vacant building in June 2022. Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle and Vice President of Acquisitions Tanner Jansen, the company implemented a capital improvement program to stabilize the asset. Improvements included parking lot resurfacing, door renovations, LED lighting systems, and mechanical improvements, among others.
“The Los Angeles industrial market has remained strong despite some turbulence in the economy,” says CJ Stos, Principal at Stos Partners. “Our team identified this asset’s value during the initial acquisition in 2022. Through deep relationships with local brokers, we were able to secure a buyer in a timely manner.”
“This market saw vacancy rise slightly to 4.8 percent with rents also creeping down, according to JLL’s Q1 Los Angeles Industrial Report,” said Jansen. “We continue to see strong interest from owner-users in key Los Angeles submarkets. “We worked with the buyer on a difficult zoning process with to obtain a Conditional Use Permit (CUP) for their use.”
Built in 1964, the subject property features 21,980 square feet of warehouse space. It offers I-5 Freeway frontage with 24-foot clear height.
Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors. With a track record spanning over $1.7 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties.
Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably. More information is available at www.stospartners.com.
Article source: theregistrysocal.com