After an 18-month hold period, Stos Partners recently sold a 70,224-square-foot industrial property in the San Diego County submarket of Carlsbad for $13 million in an off-market transaction. The property is located at 6212 Corte Del Abeto near the McClellan-Palomar Airport.

“After purchasing this cash-flowing asset with an in-place lease at an attractive basis, our initial business plan was to hold the property long term and explore future repositioning opportunities,” according to CJ Stos, principal of Stos Partners. “Ultimately, we were approached by an institutional-grade buyer after just over a year of ownership who presented us with a strong offer that we could not turn down.”

Stos Partners initially purchased the asset in a joint venture with Boston-based private equity firm Long Wharf Capital. The firm acquired the asset for $9.7 million in August 2019.

“The fact that we were able to sell this asset for 34 percent more than our purchase price, after just over 18 months and implementing only very minor landscaping upgrades, speaks to the strength of our close relationships within the market, and the continued high demand and growth trajectory of the industrial sector despite the uncertainty of this past year,” says Jay Boyle, executive vice president at Stos Partners.

Currently fully leased to a go-kart racing tenant, the building is suited to a range of light industrial uses.