Stos Partners based in San Diego has sold a San Dimas office building for nearly $9.1 million.
The two-story building with 50,634 square-feet of offices at 650 W. Cienega Blvd. was sold to a trade union.
“This was an opportunistic purchase we made in early 2017 that provided tremendous upside potential based on the property’s strong fundamentals,” said CJ Stos, principal of Stos Partners.
“The single-tenant building had been fully occupied by a vocational school. However, the prior owner underwent a bankruptcy and the property was placed in receivership,” Stos said. “ Based on a close broker relationship, our team was able to make the first offer, secure the property and close quickly, achieving a price that was less than half of the estimated replacement cost.
Stos said his firm bought the building for $5 million.
Taylor Ing at Newmakr Knight Frank represented Stos Partners.
Brandon Burns of Cushman & Wakefield represented the buyer.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.