Stos Partners pays $22M for Pomona warehouse
Deal for 183K sf complex adds to growing SoCal industrial holdings
An investment firm has added to its substantial industrial portfolio in Southern California.
Stos Partners bought a 183,000-square-foot warehouse in Pomona for $22.3 million in an off-market transaction, the company said. Lee & Associates represented the buyer and the seller in the deal.
An LLC linked to Kurt and Dirk Richter previously owned the property, records show. The property at 159 N. San Antonio Avenue is fully leased to Pregis, a packaging and manufacturing firm.
The sale followed two offers that resulted in failed escrows, said Stos’ head of acquisitions, Tanner Jansen.
San Diego-based Stos plans to make interior and exterior renovations to lift rents to market rate. Monthly rents for industrial properties in Los Angeles this year have jumped 13.9 percent year over year to $1.01 a foot, according to data from Newmark.
Stos closed on $42 million in properties over the last few weeks, the firm said. It has acquired over 140 buildings, including at least 50 industrial properties across Southern California.