Stonelake Capital Acquires Phoenix Facility for $38M

8313 W. Latham St. Image courtesy of Cushman & Wakefield

Stonelake Capital Partners has purchased a 249,904-square-foot industrial property in Tolleson, Ariz., for $38.2 million. Cushman & Wakefield represented the seller, Oxford Properties Group. The previous owner acquired the asset in a $41.5 million deal in 2021, CommercialEdge data shows.

The property is fully occupied by Circle K, serving as a data center and a distribution facility for the company. Developed in 2000, the single-story building is located at 8313 W. Latham St. and features 32-foot clear heights, ESFR sprinkler systems, HVAC climate control systems, an office component, a cooler, a freezer, data-center capabilities and 201 parking spots.

READ ALSO: Why CapRock Maintains Cautiously Optimistic Outlook for Industrial Development

Situated on a 13-acre lot in Phoenix’s West Valley, the distribution facility is close to interstates 10 and 17 and to Loop 202, allowing easy access to the ports of Los Angeles and Long Beach. The property is 9 miles from Glendale, Ariz., and within 14 miles of Phoenix Sky Harbor International Airport.

Cushman & Wakefield Executive Vice Chairman Will Strong, Managing Director Micki Strain, Executive Managing Director Phil Haenel, Senior Financial Analyst Specialist Callahan Conway and Associate Molly Hunt, assisted by Brokerage Specialist Sarah Baleanu and Senior Marketing Lead Stephanie Saccente, represented Oxford Properties.

A closer look at the Phoenix’s industrial market

According to a recent CommercialEdge report, the first two months of 2023 saw a total of $3.9 billion in industrial sales nationwide, at an average price of $150 per square foot. Phoenix maintains its position as a sought-after industrial market, with $139 million in sales, ranking seventh nationwide, followed by Houston at $120 million, and the Twin Cities and Philadelphia at $111 million each. The Inland Empire leads the U.S. in transactions by far, at $855 million.

Earlier in March, Fidelity Investments paid $40.2 million for a two-building, 216,322-square-foot industrial portfolio in Chandler, Ariz. Cushman & Wakefield’s same team assisted the seller, a joint venture between ViaWest Group and Alidade Capital. Meanwhile, CapRock Partners also acquired a 130,800-square-foot industrial asset in Phoenix.