Stos Partners completes $16.5 million sale of 94,186-SF industrial building in Phoenix, AZ

  

SOLD: $16.5 million sale of 94,186-SF industrial
building in Phoenix, AZ

 CJ Stos

PHOENIX, AZ -- Stos Partners, one of the most active commercial real estate investment and management firms, has announced the successful sale of a 94,186-square-foot industrial building located on 4.20 acres at 1002 S. 54th Avenue in Phoenix, Arizona to a private investor for $16.5 million.

Stos Partners acquired the vacant building in December 2022
for $10.9 million.  

Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle and Vice President of Acquisitions Morgan Hill, the company implemented a capital improvement program, stabilizing and re-tenanting the asset. Improvements included warehouse upgrades, dock door replacements, interior and exterior painting, parking lot repairs and miscellaneous deferred maintenance repairs.

 Jason Richards

“The Phoenix industrial market has seen a spike in tenant demand in recent quarters,” says CJ Stos, Principal at Stos Partners. “Our team identified this asset’s value during the initial acquisition in 2022. Through deep relationships with local brokers, we were able to secure a buyer in a timely manner.”

“This market saw nearly 2.9 million square feet of net absorption in the first quarter with more than 3.8 million square feet of pending leases expected to be signed by year’s end according to JLL’s Q1 Phoenix Industrial Report,” said Richards.  “During the period, the market also saw rents grow by 2.4 percent.”

Built in 1992, the subject property features 83,889 square feet of warehouse and distribution space and approximately 7,000 square feet of office space. Situated in the Southwest Phoenix submarket, the building is ideally located within a 20-minute drive of all parts of the Phoenix area.

Jay Boyle

Stos Partners was represented by Phil Haenel, Will Strong and Foster Bundy of Cushman & Wakefield as well as Anna Josephson of KBC Advisors. 

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.

 

Morgan Hill

With a track record spanning over $1.7 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties.

Anna Josephson

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. 

 

CONTACT:

 

David Ebeling

Ebeling Communications

(949) 861-8351

david@ebelingcomm.com

 www.stospartners.com.