A 182,275 square-foot industrial building in Pomona sold for $45.9 million.
The property, located at 159 N. San Antonio Ave., is situated on 8.48 acres of land and is 100% occupied.
San Diego-based Stos Partners represented itself as the seller in the transaction. Jeffrey Cole, Jeffrey Chiate, Bryce Aberg, Brad Brandenburg, Mike Adey, and Zachary Harman of Cushman & Wakefield represented the undisclosed buyer in the transaction.
“As a highly active buyer in Southern California, our firm leveraged its close relationships with local brokers to acquire this asset in 2021,” CJ Stos, principal at Stos Partners, said in a statement. “Upon a successful year of ownership, we were able to capitalize on the strong market demand for industrial space in Los Angeles County and secure a premium sale price for this property.”
The company purchased the property for $21 million last year. Demand for well-situated industrial space in the market has skyrocketed since 2021, with warehouse properties commanding a 63% higher sales price point in the second quarter compared to the previous quarter, according to Stos Partners.
“This quarter, we have seen vacancy levels (at) an all-time low in Los Angeles,” Tanner Jansen, vice president of acquisitions at Stos Partners, said in a statement. “At a vacancy rate of 0.9%, the second lowest in the U.S., Los Angeles continues to appeal to both users and owners. This asset offers the buyer immediate cash flow and long-term value creation opportunities over the next several years.”
Jay Boyle, executive vice president at Stos, added, “Given the fierce competition and scarce inventory available for amenitized, well-located industrial properties in the Los Angeles region, the move to sell this asset was a strategic and well-planned initiative for our firm. We identified an excellent opportunity to benefit from the ongoing growth of this market and the property’s multitude of attributes.”