{"id":1004277764,"date":"2018-11-07T04:20:44","date_gmt":"2018-11-07T12:20:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004277764"},"modified":"2022-12-09T01:07:18","modified_gmt":"2022-12-09T09:07:18","slug":"texas-industrial-portfolio-commands-88m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/texas-industrial-portfolio-commands-88m\/","title":{"rendered":"TX Industrial Portfolio Commands $88M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"\"<\/a>A joint venture between Stos Partners and Washington Capital Management has acquired an eight-building, 1.4 million-square-foot multi-tenant industrial portfolio in Laredo, Texas, for $88 million, from a privately held national real estate firm.<\/p>\n

The deal represents Stos Partners\u2019 first in the state of Texas.<\/p>\n

\u201cIt was an off-market deal of large scale; it was basically 100 percent leased, with a tenant base comprising 60 to 70 percent national credit tenants such as Sony, Toyota and UPS; plus, it\u2019s in a submarket that has tightly controlled supply, making it difficult to buy into it, so this opportunity was definitely something we wanted to take advantage of,\u201d<\/em> Jason Richards, Stos Partners\u2019 partner, told Commercial Property Executive<\/em>. \u201cThere is some good upside in the rent, so not only will we get stabilized cash flow but we have some nice ways to improve returns over time.\u201d<\/em><\/p>\n

\"\"<\/a>The buildings are located at 11302 A\/B\/C East Point Drive, 417 Union Pacific Blvd., 418 Union Pacific Blvd., 505 Union Pacific Blvd., 11921 Hayter Road and 11909 Hayter Road.<\/p>\n

The transaction resulted in a 7-month escrow period, and during that time, a couple of tenants rolled, but Stos Partners successfully signed several new leases at the property, adding to a tenant base consisting of primarily publicly traded credit tenants.<\/p>\n

\u201cOur company is opportunistic and we\u2019re always looking for these type of deals<\/em>,\u201d CJ Stos, Stos Partners\u2019 principal, told CPE.<\/em> \u201cWe\u2019re focused on quality, low-finish, multi-tenant industrial parks and portfolios, and this property had strong fundamentals.\u201d<\/em><\/p>\n

The plan is to put new roofs on the majority of the portfolio, with some minor facade updates, including new paints and adding new signage and landscape.<\/p>\n

Vital border city<\/strong><\/h2>\n

Located in the U.S. border city, considered an epicenter of trade between the U.S. and Mexico, the property is situated only 5 miles from Laredo\u2019s World Trade Bridge and World Trade Port of Entry, which is the busiest commercial crossing in the U.S., facilitating more than $300 billion in imports and exports annually.<\/p>\n

It\u2019s estimated that approximately 2.5 million trucks crossed the border in 2017, and the market is also home to 510 freight forwarders, 210 trucking companies and 105 U.S. Customs Brokers.<\/p>\n

According to Richards, over the past 16 years, industrial vacancy in Laredo stands between 1 and 2 percent, with vacancy rates averaging 4.65 percent and never exceeding 8.8 percent.<\/p>\n

\u201cLaredo is all about third-party logistics going North and going South<\/em>,\u201d Richards said. \u201cThe international bridge there handles something like 16,000 trucks a day. When you drive around the town, you are a minority among a sea of trucks. Knowing how much international trade has grown in previous years, we knew that it was a strong fundamental to that location and submarket.\u201d  <\/em><\/p>\n

In January, Stos Partners sold a 19,950-square-foot, mixed-use property<\/a> in the coastal community of Carlsbad, Calif., for $8.1 million, with a capitalization rate of 5.3 percent. <\/p>\n

Image courtesy of Stos Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Stos Partners and Washington Capital Management have teamed up on the acquisition of eight buildings comprising nearly 1.4 million square feet in the border city of Laredo.<\/p>\n","protected":false},"author":451,"featured_media":1004277803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742],"tags":[34862,33953],"class_list":["post-1004277764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","tag-stos-partners","tag-washington-capital-management"],"acf":[],"yoast_head":"\nTX Industrial Portfolio Commands $88M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/texas-industrial-portfolio-commands-88m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TX Industrial Portfolio Commands $88M\" \/>\n<meta property=\"og:description\" content=\"Stos Partners and Washington Capital Management have teamed up on the acquisition of eight buildings comprising nearly 1.4 million square feet in the border city of Laredo.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/texas-industrial-portfolio-commands-88m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-07T12:20:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:07:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/heith-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/texas-industrial-portfolio-commands-88m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/texas-industrial-portfolio-commands-88m\/\",\"name\":\"TX Industrial Portfolio Commands $88M - 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