Real Estate Daily News: Stos Partners Acquires 35,007-Sq-Ft Industrial Building in Phoeniz for $4.45 Million
PHOENIX, Ariz., (June 12, 2024) – Stos Partners, one of the most active commercial real estate investment and management firms, has announced that it has acquired a 35,007-square-foot industrial complex located on 1.45 acres at 2325 W. Cypress Street in Phoenix, Arizona for $4.45 million ($127 per square foot).
Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle, and Vice President of Acquisitions Morgan Hill, the company will immediately implement a capital improvement program to stabilize and re-tenant the asset.
Rob Martensen and Sam Jones of Colliers have been retained to oversee leasing at the industrial complex. Jones also represented Stos Partners in the acquisition. James Cohn and Stirling Pascal of Stream Realty Partners represented the seller.
“With the evolution of distribution, logistics, and manufacturing, Phoenix continues to grow with industrial users and maintain strong fundamentals,” says CJ Stos, Principal at Stos Partners. “Our team identified this asset’s acquisition opportunity and immediately began performing due diligence. Through deep relationships with local brokers, we were able to acquire it for all cash and at a price that fit our business plan.”
“The Phoenix industrial market saw new leasing activity reached 6.3 million square feet during the first quarter of 2024, representing a 60 percent spike compared with the previous quarter, according to JLL’s Q1 Phoenix Industrial Report,” said Richards.
2325 W. Cypress Street is ideally located near the interchange of the I-10 and I-17 Freeways, providing convenient access to neighboring communities and accessibility for transport and logistics. It is also located only seven miles from Phoenix Sky Harbor Airport.
Competitive building features include a 20-to 22-foot clear height, four dock-high doors, two drive-in ground-level doors, a fully fenced and secured yard, and 1,500 square feet of new office space.
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 of 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 institutional and small-to-mid-cap commercial properties.
Headquartered in San Diego, California, with offices in Orange County, California, and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships allow it to source, fund, and close transactions quickly and profitably. More information is available at www.stospartners.com.
Article source: realestatedaily-news.com