Encinitas-headquartered Stos Partners has acquired a two-building industrial property in Chula Vista for approximately $13.4 million, the company announced.
The seller of the multi-tenant property, totaling 170,805 square feet at 1670-1690 Brandywine Ave., was Parma Family Limited Partnership of San Diego. Stos officials said this was an off-market transaction.
A company statement said the property is fully occupied by a mix of tenants in various industries, including manufacturing, defense and medical supply and distribution. The buyer plans to invest in property improvements including new landscaping, exterior paint, signage and roofs, with updates to the parking lot.
Stos Partners was represented by Michael Mossmer of Voit Real Estate Services. According to CoStar Group, the buildings were constructed in 1987.
Principal CJ Stos said South Bay industrial tenants have recently been driven to Chula Vista, in part by a tight leasing climate in neighboring National City, which has a vacancy rate of 1 to 2 percent. “Much of this activity is fueled by ongoing growth in the defense industry,” Stos said in the statement.
Stos Partners currently owns and manages more than 2.4 million square feet of commercial properties in Southern California, and is actively acquiring investment properties in San Diego, Orange County and the Inland Empire.