$20.6M in financing secured for multi-tenant industrial building in San Diego
JLL Capital Markets arranged acquisition financing and joint venture equity for 2425 Auto Park Way in Escondido, CA
SAN DIEGO, Dec. 8, 2022 – JLL Capital Markets announced today that it has arranged $20.6 million in acquisition financing and joint venture equity for 2425 Auto Park Way, an 88,690-square-foot corporate headquarters and distribution facility in Escondido, California.
JLL represented the borrowers, a joint venture between Stos Partners and a private investor, to secure the short-term, floating-rate loan through an insurance company.
The property is fully leased by Sound Image, which provides sound reinforcement services for the music and entertainment industry, and Goodman, the world's largest manufacturer of heating, ventilation and air conditioning products and systems. 2425 Auto Park Way features 20’-22’ clear heights, dock and grade-level loading doors, 200 parking spaces and approximately 10,000 square feet of office space.
Positioned on approximately 6.76 acres in San Diego’s North County, the property benefits from its proximity to Interstate 5, the main north/south transportation artery for the West Coast, and Highway 78.
The JLL Capital Markets Debt & Structured Finance team representing the borrower was led by Senior Managing Director Aldon Cole and Associate Brad Vansant.
“Amidst economic turbulence we continue to see capital attracted to quality real estate in strong, performing markets like San Diego,” said Vansant.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stos Partners
Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors. With a track record spanning over $1.6 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties. Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably. More information is available at stospartners.com.