Stos Partners Buys R&D/Office Property in California for $3.8M
CARLSBAD, CALIF. — San Diego-based Stos Partners has purchased a two-tenant R&D/office property located at 5816 Dryden Place in Carlsbad. A private entity sold the asset for $3.8 million.
Stos Partners negotiated a sale-leaseback through which the seller will remain a long-term tenant, occupying 79 percent of the 22,156-square-foot building. The buyer plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements.
This transaction brings Stos Partners’ year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California.
Adam Foster of Foster Commercial Real Estate represented Stos in the acquisition.