RENTV: Stos Partners Spends $4.4 Mil on Phoenix Industrial Property
Stos Partners has acquired a 35k sf industrial complex in Phoenix for $4.45 mil ($127/sf). The asset sits on 1.45 acres at 2325 W. Cypress St.
The property is situated 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 20 to 22-foot clear height, four dock-high doors, two drive-in ground level doors, fully fenced and secured yard, and 1.5k sf of new office space. The buyer plans to implement a capital improvement program, stabilizing and re-tenanting 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 repped the seller in the trade.
“The Phoenix industrial market saw new leasing activity reached 6.3 msf during the first quarter of 2024, representing a 60% spike compared with the previous quarter, according to JLL’s Q1 Phoenix Industrial Report,” said Richards.
Article source: rentv.com