AZ BIG MEDIA: Stos Partners pays $9 million for Phoenix industrial complex
Stos Partners announced that it has acquired the 49,513-square-foot industrial complex located on 3.32 acres at 620 N. 43rd Avenue in Phoenix. (Photo courtesy of Stos Partners)
Stos Partners, one of the most active commercial real estate investment and management firms, has announced that it has acquired a 49,513-square-foot industrial complex located on 3.32 acres at 620 N. 43rd Avenue in Phoenix, Arizona from Auto Body Parts LLC for $9 million ($181.77 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, stabilizing and re-tenanting the asset.
Phil Haenel, Brandon Borsheim, Foster Bundy and Katie Repine of Cushman & Wakefield have been retained to oversee leasing at the industrial complex. The property can accommodate a full building user, a two-tenant user, or three separate tenants ranging from 12,000 to 49,513 square feet.
“The Phoenix market continues to be a growing hub for industrial users,” says CJ Stos, Principal at Stos Partners. “Our team identified this asset’s acquisition opportunity and immediate 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 continued rental rate growth during the third quarter this year, coming in at 15% year-over-year with vacancy sitting at 6.2 percent, according to JLL’s Q3 Phoenix Industrial Report,” said Richards.
620 N. 43rd Avenue is ideally located just minutes from the I-10, I-17, State Route 202 and State Route 101 freeways, providing convenient access to neighboring communities and accessibility for transport and logistics. It is also located near Sky Harbor Airport.
Competitive building features include 20 to 22-foot clear height, eight dock high doors, four drive-in ground level doors, 1,600 AMPS of 277/440 volt power and 4,000 square feet of office space.
Stos Partners was represented by Phil Haenel and Foster Bundy of Cushman & Wakefield as well as Jeff Hays of Commercial Properties, Inc. in the acquisition.
Article source: azbigmedia.com