Stos Partners recently sold a 22,156 square-foot multi-tenant R&D in Carlsbad after completing renovations and bringing the asset to full occupancy within just 18 months. The firm initially acquired the asset in September 2019 in a sale-leaseback transaction, according to CJ Stos, principal of Stos Partners.

“Upon acquisition of this property, we leased approximately 85 percent of the space back to the seller, Professional Rugby team San Diego Legion,” says Stos. “This provided us with immediate cash flow as we implemented our strategic renovation plan to upgrade the asset, which included new landscaping, fresh paint and modern interior office improvements.”

Stos notes that the firm ultimately secured a national credit tenant, Sierra Wireless, to occupy the remaining 4,700 square feet of ground-floor office space. According to Jason Richards, partner at Stos Partners, the firm’s expertise in carrying out strategic and cost-effective capital improvements was a key component in delivering the competitive office space to the market.

The property, which was purchased for $3.78 million and sold for a total consideration of $5.24 million, is located at 5816 Dryden Pl. Matt Pourcho of CBRE represented Stos Partners. Fred Aframian of CBRE represented the buyer in the transaction.