Stos Partners in Encinitas turned a tidy profit on a Tustin manufacturing building, selling it to KTI Hydraulics in Santa Ana for $26.5 million.
Stos bought the 71,616-square-foot property at 1311 Valencia Ave. in December 2021 for $19.2 million.
According to JLL, which represented KTI Hydraulics in the sale, the maker of hydraulic components is shifting its manufacturing base to the Tustin building from its previous home at 2621 S. Daimler St. in Santa Ana.
Stos revitalized the Tustin building before selling it, updating the roof, parking lot, exterior painting landscaping and interior spaces.
“The Orange County market has seen great demand for specialized manufacturing assets because of its growth in the life science and R&D industries,” says CJ Stos, principal at Stos.
Stos Partners was represented by Colliers and CBRE.
Small apartment complex in Costa Mesa sells for $3.2 million
A 12-unit apartment complex with a retail space in Costa Mesa sold for $3.2 million, according to CBRE.
The four-building complex spanning 7,530 square feet sold for $246,154 per unit and marked the property’s first sale in 30 years.
According to the brokerage, the complex at 2027-29 Harbor Blvd. includes three apartment buildings with eight studio units, two one-bedroom floorplans, and two two-bedroom floorplans. There also is a 1,942-square-foot street-front commercial building leased to an auto trim business.
The oldest building in the complex dates to 1949, with subsequent additions made in 1952, 1954 and 1962.
CBRE represented the unidentified sellers and the buyer, noting the local investor previously bought five other multifamily properties.
“Costa Mesa remains a highly desirable market for multifamily investors, representing a flight-to-quality,” said Mike O’Neill at CBRE. “Despite the recent uptick in interest rates, rent growth across Orange County remains strong, prompting investors to seize value-add opportunities like the property … in Costa Mesa.”
The CBRE team said it closed seven multifamily property sales in Costa Mesa in the past 18 months.
Night at the Fight is Sept. 21
NAIOP SoCal’s annual Night at the Fights in September will feature six commercial real estate professionals duking it out in the ring in three bouts.
The black-tie Havana Nights gala is being held Sept. 21 at the OC Fair & Event Center, Hangar Building in Costa Mesa.
The fighters include Kevin Lao of CenterPoint Properties, Trevor Hanson of Triten Real Estate Partners, David Sarnoff of PSRS, Sam Overton of Capital One and Justin Brown Nuhome Team Mortgage Lending and Chris Martinez of Pivot Interiors.
If the amateurs in the ring aren’t good enough for you, there also will be one professional boxing match.
“These bouts bring a whole new level of excitement to the night, which is why we expect to sell out again this year,” said Tim Jemal, CEO, NAIOP SoCal.
Non-member tickets cost $900 per person. Members pay less. Prices increase Aug. 21.
For more ticket and event information, go to naiopsocal.org/night-at-the-fights-registration
People in real estate
Carson Vo has joined Kidder Mathews’ Irvine office as a vice president. He has 20 years of experience in the industry, specializing in investment sales.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.