San Diego Industrial Asset Sells for $17M

Stos Partners and partner Long Wharf Capital announced the disposition of a 55,000-square-foot industrial property in the Miramar submarket of San Diego, CA. The buyer was EverWest Real Estate in a transaction valued at $17 million.

Stos Partners and Long Wharf purchased the facility in early 2020 for $11 million. “Our initial plan was to execute our proven business strategy of acquiring and repositioning well-located properties that are poised to deliver long term value for buyers,” said Stos Partners’ CJ Stos in a news release. “Ultimately, based on today’s fast moving market, we received a competitive offer that we simply could not pass up prior to implementing our value-add strategy.”

Stos Partners’ Jason Richards added, “San Diego continues to be recognized as one of North America’s largest life sciences markets. The limited supply of buildings constructed for this use has driven developers beyond traditional life sciences submarkets, where they can convert industrial properties into lab space.”