 |
| CJ Stos |
TOLLESON,
AZ – Stos Partners, one of the most active commercial real estate
investment and management firms in Southern California, has sold a 227,000
square-foot, single-tenant industrial property in the Phoenix Metro area
submarket of Tolleson, Arizona, for $27.5 million.
This
sale comes on the heels of a record year for the firm. Stos acquired 11
properties last year totaling $221 million and sold five assets totaling $112
million, bringing the firm’s total transaction volume in 2021 to more than $330
million.
According
to CJ Stos, Principal at Stos Partners, the firm originally acquired the
Tolleson property in December 2020 for $16.35 million, marking its entrance
into the Arizona market.
“We
were able to successfully translate our proven industrial investment strategy,
which we’ve enacted throughout Southern California, to the Phoenix market,
resulting in a nearly 70% increase in value over the approximately 1-year
hold,” says Stos.
“We had been monitoring the Arizona market
for several years and officially made the decision to expand our holdings into
the area with this acquisition.
 |
| Jay Boyle |
"Although
we were bullish when it came to this investment from the start, the property
outperformed our expectations and we ultimately sold ahead of the business plan
based on market demand.”
The firm initially secured the asset in an off-market,
all-cash transaction based on existing relationships and ability to close in
less than 30 days to meet an accelerated timeline, notes Jay Boyle,
Executive Vice President at Stos Partners.
“Due
to our reputation in the market and strong capitalization, we were able to
purchase this property for a competitive price and execute our ownership
strategy,” explains Boyle.
“During escrow at the end of 2020, we secured
a new lease with the existing tenant for an additional five-year term, which
maintained cashflow and further positioned the asset for long-term success.”
 |
| Jason Richards |
Jason
Richards,
Partner at Stos Partners, adds: “We strategically identified Tolleson as a
submarket that offers large distribution and manufacturing tenants a prime
infill location within the growing Phoenix metro, where we will continue to
seek opportunities amidst Arizona’s pro-business economy and robust labor
supply.”
The
property was built in two phases in 2005 and in 2016. It features 32’ clear
height, dock-high loading doors, and variety of high-quality amenities.
The
building is located at 10300 W. Buckeye in Tolleson, Arizona. The asset was
sold to an undisclosed institutional buyer.
CONTACTS:-
Tess Hezlep / Katie
Haga
The Smart Agency, Inc.
(949) 438-6262
thezlep@thesmartagency.com
www.stospartners.com.
