STOS Partners acquires vacant multi-tenant Phoenix property
Staff Reports | Business & Construction
Cushman & Wakefield advised the sale of a two-building industrial project totaling 94,720 square feet in Phoenix.
Fully vacant, the asset consists of a pair of freestanding buildings found at 236 & 240 North 48th Avenue on approximately 5.3 acres in the southwest Valley submarket.
The property sold for $13.55 million to STOS Partners, an Encinitas, California-based, privately held commercial real estate investment firm that acquires, owns and develops opportunistic commercial properties. The seller was Quantico Plastics Group, Cushman & Wakefield officials tell the Digital Free Press.
Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine in collaboration with Gary Anderson and Nik Vallens represented both parties in the transaction.
“This was a great value-add investment opportunity located in a high-growth submarket where the buyer is well-positioned to benefit from strong industrial fundamentals in Southwest Phoenix,” Mr. Bundy said in a prepared statement. “STOS’ extensive experience with value-add properties and their knowledge of the sought-after Phoenix Metro industrial market made them an ideal suitor for this multi-tenant asset.”
The transaction marks Stos Partners’ seventh industrial acquisition in Phoenix.
“Despite impressive occupancy and rent growth, the Southwest Valley submarket still maintains an affordable position relative to the rest of the Phoenix, which continues to attract investors seeking to expand their industrial portfolios,” Mr. Haenel said in the release.
According to Cushman & Wakefield’s midyear Q2 2024 report, the Phoenix Southwest Valley industrial submarket recorded over 6.7 million square feet of occupancy growth in the first half of 2024.
“We are excited to acquire 236 and 240 North 48th Avenue, a strategically located property in the Southwest Phoenix submarket where demand for modern and efficient industrial warehouse space remains strong,” said Morgan Hill, Vice President at Stos Partners. “This acquisition allows us to secure a vacant asset at an excellent basis and immediately implement our value-add expertise to enhance performance and maximize income potential.”
