Stos Partners has moved into the Texas market with the acquisition of a multi-tenant industrial portfolio for $88m (€77.2m).
The commercial real estate investor said it bought the asset in a joint venture with institutional investor Washington Capital Management on behalf of one or more of its investment clients.
The 1.4m square feet multi-tenant industrial portfolio is located in the US border city of Laredo.
The asset was acquired from a privately held national real estate firm.
The properties are located at 11302 A/B/C East Point Drive, 417 Union Pacific Boulevard, 418 Union Pacific Boulevard, 505 Union Pacific Boulevard, 11921 Hayter Road and 11909 Hayter Road in Laredo, Texas.
CJ Stos, the principal of Stos Partners, said: “This is a milestone opportunity for any investor.
“Our ability to source an asset of this magnitude off-market and significantly increase its value during escrow speaks to the depth of our capabilities, both as real estate operators and investors.”
Stos Partners said it signed several new leases during escrow.
Jason Richards, a partner at Stos Partners, said: “This acquisition is aligned with our ongoing investment platform, through which we identify and acquire well-positioned investment opportunities, implement improvements that immediately create value, and operate in a way that drives strong returns and value for our investors.
“We will continue to seek additional investment opportunities in the Texas market, as well as in our core Southern California markets of San Diego, Orange County, and Los Angeles.”