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June 24, 2024
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Stos Partners Pays $135/sf for Phoenix Warehouse Property with Cold Storage


Stos Partners recently closed on the purchase of an 82.5k sf industrial warehouse featuring cold storage in the Southwest airport submarket of Phoenix. The property was acquired off market in a joint venture with a high-net-worth family office for $11.1 mil, or $135/sf.

The property is located at 2434 South 10th St. The facility currently has a strong credit tenant in place that specializes in food delivery services, providing stable in-place cash flow. Stos Partners plans to implement minor capital improvements including mechanical system upgrades, parking lot repaving, and updated landscaping, in order to best accommodate the facility’s current uses.

The demand for facilities including cold storage has increased significantly over the last year and a half, accelerated by the COVID-19 pandemic trends including last-mile grocery delivery and vaccine storage needs. Construction in the sector is expected to grow to $18.6 bil in 2027, according to Jay Boyle, Executive Vice President at Stos Partners.

David Wilson at DAUM Commercial Real Estate Services represented both the buyer and the seller in this transaction.

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