Stos Ptnrs Buys National City Industrial Bldg for $12.2M
Former Blue Linx Facility Leased Out During Escrow
Stos Partners, a San Diego-based property investment firm, purchased the industrial facility at 901 Bay Marina Dr. in National City, CA from BlueLinx Corporation for $12.23 million, or about $133 per square foot.
Formerly occupied by BlueLinx, the 91,541-square-foot building was leased out during escrow to a credit tenant. The property sits on 6.1 acres and is near the freeways and the port of San Diego.
"This transaction is a win for us in many ways," says CJ Stos, principal of Stos Partners. "The property was a rare find - a vacant industrial facility in close proximity to freeways and ports with approximately three acres of excess land. We recognized the potential from the beginning, and seized the opportunity to acquire the asset as a vacant property. Our instincts were strong, and we were able to lease it prior to our escrow closing."
Chris Holder of Colliers International and Bradley Fulkerson and Julian Brown of Transwestern in Atlanta represented the seller. Rusty Williams of Lee & Associates represented the buyer.
"Industrial vacancy continues to tighten throughout San Diego County, making quality, well-located industrial properties difficult for both tenants and investors to secure," noted Williams. "This market climate fuels off-market transactions, as investors seek to remain ahead of the competition."
For additional details on the sales transaction, please refer to CoStar COMPS #3755479.