AZbigmedia.com: Stos Partners Acquires 2 Industrial Buildings in Phoenix
Stos Partners, a leading commercial real estate investment and management firm specializing in the value-add space, announces its closing of 236 and 240 North 48th Avenue in Phoenix. The 5.3-acre property includes two freestanding industrial warehouse buildings totaling 94,836 square feet. The transaction marks Stos Partners’ seventh industrial acquisition in Phoenix as the firm continues to secure opportunities that align with its strategic value-add investment platform.
“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.”
Constructed in 1978, 240 North 48th Avenue totals 83,200 square feet, divisible to smaller units if desired. The warehouse building features 3,450 square feet of office space, 24-foot clear height, 19 dock-high doors, two grade-level loading doors, and significant power of 7,000 AMPS. Outside, the property offers 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots. 236 North 48th Avenue was built in 1979 and totals 11,636 square feet. It features 4,200 square feet of office space, one dock-high door and two grade-level loading doors. There are 14 auto parking spaces. Both buildings share an entrance on North 48th Avenue.
Stos Partners’ business plan is to immediately commence capital improvements to enhance the two buildings’ functionality and appeal. Planned renovations include painting the buildings’ exterior and making necessary repairs to the parking lot and loading areas, dock and ground level doors, as well as the roof and electrical system. Landscape enhancements are also planned.
“Southwest Phoenix has become one of the most sought-after submarkets in the Western U.S. for industrial development, driven by the rising demand from e-commerce and 3PL tenants,” said CJ Stos, Principal and Founder of Stos Partners. “With proximity to key railroads and freeways, this area offers excellent investment opportunities, supported by consistent rent growth and strong interest from local and regional tenants. We are pleased to have secured this opportunity and already have leasing interest from multiple potential tenants.”
236 and 240 North 48th Avenue is on the southwest corner of West Van Buren Street and North 48th Avenue. The location offers high accessibility throughout the Phoenix metro area via major routes such as the I-10, I-17, State Route 51, Loop 101 and 202 Freeways, and US 60. The 5.3-acre property is approximately one mile south of the I-10 corridor, accessible via the North 43rd Street exit, and is situated approximately two miles from the I-17 freeway, providing comprehensive links to air, ground, and rail transportation. It is approximately 10 miles (15 minutes driving) to Phoenix Sky Harbor International Airport and approximately five miles (15 minutes driving) to Downtown Phoenix. It also offers direct connectivity to Southern California, with a drive of less than six hours to the Ports of Los Angeles and Long Beach.
Stos Partners acquired the property from an owner-user. Terms of the deal are not disclosed. The purchase transaction was facilitated by Phil Haenel, Gary Anderson, Foster Bundy at Cushman and Wakefield. Gary Anderson and Nik Vallens are leading the buildings’ leasing efforts.
“Stos Partners is one of the most active value-add investors in Phoenix industrial real estate since 2020. We remain bullish on this market and continue to aggressively pursue opportunities that meet our value-add criteria,” added Hill.
The 236 and 240 North 48th Avenue transaction brings Stos Partners’ total 2024 deal volume to nearly $80 million. The firm recently announced its acquisition of 2325 West Cypress Street, a 35,007-square-foot industrial complex in Phoenix.
Article source: azbigmedia.com