8313 W. Latham St. Picture courtesy of Cushman & Wakefield
Stonelake Capital Companions has bought a 249,904-square-foot industrial property in Tolleson, Ariz., for $38.2 million. Cushman & Wakefield represented the vendor, Oxford Properties Group. The earlier proprietor acquired the asset in a $41.5 million deal in 2021, CommercialEdge information reveals.
The property is absolutely occupied by Circle Okay, serving as an information heart and a distribution facility for the corporate. Inbuilt 2000, the one-story constructing is positioned at 8313 W. Latham St. and options 32-foot clear heights, ESFR sprinkler techniques, HVAC local weather management techniques, an workplace part, a cooler, a freezer, data-center capabilities and 201 parking spots.
READ ALSO: Why CapRock Maintains Cautiously Optimistic Outlook for Industrial Improvement
Located on a 13-acre lot in Phoenix’s West Valley, the distribution facility is near interstates 10 and 17 and to Loop 202, permitting quick access to the Port of Los Angeles and the Port of Lengthy Seashore. The property is 9 miles from Glendale, Ariz., and inside 14 miles of Phoenix Sky Harbor Worldwide Airport.
Oxford Properties was represented by Cushman & Wakefield’s Government Vice Chairman Will Sturdy, Managing Director Micki Pressure, Government Managing Director Phil Haenel, Senior Monetary Analyst Specialist Callahan Conway and Affiliate Molly Hunt, and assisted by Brokerage Specialist Sarah Baleanu and Senior Advertising and marketing Lead Stephanie Saccente.
A more in-depth take a look at Phoenix’s industrial exercise
Based on a current CommercialEdge report, the primary two month of 2023 noticed a complete of $3.9 billion in industrial gross sales in Phoenix, at a mean worth of $150 per sq. foot. The town maintains its place as a sought-after industrial market, with $139 million in gross sales, adopted by Houston at $120 million, and the Twin Cities and Philadelphia at $111 million every.
Earlier in March, Constancy Investments paid $40.2 million for a two-building, 216,322-square-foot industrial portfolio in Chandler, Ariz. Cushman & Wakefield’s identical staff supplied help on behalf of the vendor, a three way partnership between ViaWest Group and Alidade Capital. Throughout the identical interval, CapRock Companions additionally acquired a property in Phoenix, buying a 130,800-square-foot Class A industrial property for $11.9 million.
