Tuesday, March 15, 2022

Stos Partners continues expansion into Phoenix metro with acquisition of third industrial asset

 

SOLD: 28,520 SF industrial asset in Phoenix, AZ
 

 PHOENIX, AZ - Stos Partners, one of the most active commercial real estate investment and management firms in Southern California, has expanded its presence in the Phoenix Metro area with the acquisition of a 28,520 square-foot industrial asset in Phoenix, Arizona.

CJ Stos
 The firm acquired the property through an off-market transaction in partnership with a high-net-worth family office, according to CJ Stos, Principal at Stos Partners.

 “As the Phoenix industrial market continues to see an influx of interest and capital from businesses and investors alike, we’ve been able to secure increasingly rare opportunities for strong value creation through drawing upon our broker network and leveraging our proven track record,” explains Stos.

 “We were able to approach this acquisition, our third in the Phoenix Metro area since entering the market just over a year ago, with an all-cash offer and facilitate a rapid close.”

Jay Boyle
The Phoenix industrial market set another record year in 2021, notes Jay Boyle, Executive Vice President at Stos Partners.

 “We are incredibly bullish when it comes to the Phoenix industrial market as net absorption, rental rates, and sales volume are all at historic highs and vacancies have tightened to an all-time low, sitting at 5.1 percent,” says Boyle.

 “Further, as demand for e-commerce and last-mile logistics flourish, we are actively looking to expand our portfolio and implement our proven value-add strategies—which we’ve optimized through experience in Southern California markets for several years—within key markets throughout the country.”

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 Jason Richards
According to Jason Richards, Partner at Stos Partners, this asset presents the opportunity to bring rents up to market through the firm’s capital upgrade program.

 “The property currently has a short-term tenant in place, providing immediate cashflow,” says Richards. “Looking ahead, we plan to address deferred maintenance and implement strategic upgrades to the property, ultimately stabilizing and re-tenanting the asset.”

 Richards adds that the firm recently sold a 227,000 square-foot, single-tenant industrial property in the Phoenix Metro area submarket of Tolleson, Arizona, for $27.5 million, increasing the asset’s value by nearly 70% during a one-year hold. 

 David Wilson
The property, which was acquired for $4.45 million with a high-net-worth family office, is located at 2757 E. Chambers Street in Phoenix, Arizona.

 David Wilson and Carter Wilson at DAUM Commercial Real Estate Services represented Stos Partners as the buyer in the transaction.

 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 approximately $1.4 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through opportunistic acquisitions, strategic redevelopment and ground-up development of both institutional and small-to-mid-cap commercial properties.

 Carter Wilson

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 www.stospartners.com.

 

CONTACTS:

Tess Hezlep / Katie Haga

The Smart Agency, Inc.

(949) 438-6262

thezlep@thesmartagency.com

Ware Malcomb Hires Luciana Arim as Director, Science and Technology in Pleasanton, CA Office

Luciana Arim

PLEASANTON, CA – Ware Malcomb, an award-winning international design firm, announced that Luciana Arim has been hired as Director, Science & Technology in the firm’s Pleasanton, California office.       

In this role, she is responsible for expanding the science & technology practice across Northern California.

Arim brings more than 22 years of experience in architecture and interior design to Ware Malcomb.        

Gary Drew

For her previous firm, she was the Science and Technology and Corporate Commercial market sectors’ leader, overseeing the Northwestern offices. 

She has led all phases of architecture and interiors projects, from inception to planning, programming and construction administration. 

She is a LEED Green Associate with strong sustainability knowledge, as well as design technology and LEAN management.

“Luciana is an experienced leader, both in California and abroad,” said Gary Drew, Regional Vice President for Ware Malcomb. “We’re pleased to welcome her and look forward to her contributions to advance Ware Malcomb’s Science & Technology practice across Northern California.”

Arim earned a BA in Architectural Design from Centro Universitario Belas Artes, São Paulo, Brazil. She is fluent in English, Portuguese, and Spanish.  

Contacts:

Rachel Reenders

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

Maria Rodgers, PR & Communications Manager, 949.660.9128, mrodgers@waremalcomb.com   

 Maureen Bissonnette, Principal, Marketing, 949.660.9128

 mbissonnette@waremalcomb.com        

waremalcomb.com



Galleria Edina retail center sold in Edina, MN

 

Amy Sands

MINNEAPOLIS, MN, March 14, 2022 JLL Capital Markets has closed the sale of Galleria Edina, a 398,585-square-foot enclosed regional shopping center destination home to a collection of best-in-class retailers and unique dining options in the Minneapolis suburb of Edina, Minnesota.

Danny Finkle
JLL was the sole marketing advisor to the seller. 70th Street Properties LLC, a local investor group, acquired the asset.

 Galleria Edina is 99 percent leased to a meticulously curated collection of highly sought-after international brands, luxe boutique retailers and one-of-a-kind restaurants such as Louis Vuitton, Tiffany & Co., Lululemon, Peloton, Tory Burch, Pottery Barn, Bluemercury, Warby Parker, Coach, Filson, Shinola, Sundance, Rypen, Rejuvenation, David Yurman and more.

The Galleria has experienced strong leasing momentum since the first quarter of 2020, with more than 170,000 square feet of new leasing signed.

Barry Brown
Positioned at 3510 West 69th St., Galleria Edina is in Edina, one of Minnesota’s fastest growing and affluent communities.

The property is within a thriving submarket that is home to a nationally recognized healthcare campus, 33 million square feet of office space, a top hotel and numerous new multi-housing developments.

Additionally, the asset is surrounded by a highly educated population and in one of the highest net-worth zip codes.

 The JLL Retail team representing the seller was led by Senior Managing Directors and Co-Heads of U.S. Retail Capital Markets Danny Finkle and Barry Brown; Senior Managing Director Dave Monahan; Managing Director Amy Sands; and Senior Directors Cameron Pittman, Matt Hazelton and Cory Villaume.

Dave Monahan

 “Galleria Edina is one of the premier retail assets in the Midwest and has an expansive trade area as a result of being the sole location for many of the tenants in the Midwest region,” Finkle said.

“This is the essence of a generational asset within a remarkable market with unlimited growth opportunities ahead.”

 Park State Bank led the financing of the Galleria. Park State Bank was named the Top-Performing Community Bank in Minnesota with assets under $3B by S&P Global Market Intelligence the last four years (2017, 2018, 2019 and 2020).

Cameron Pittman
 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.

 For more news, videos and research resources on JLL, please visit our newsroom.

 

 Contact:

Kimberly Steele

JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com