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| 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.
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| CJ Stos |
“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.”
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| Jay Boyle |
“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.”
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. Jason Richards
“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.
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| David Wilson |
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.
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| 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
(949) 438-6262
