|
|
9/18/24
|
Stos Partners recently closed on the purchase of a 5.3-acre property in Phoenix that includes two freestanding industrial warehouse buildings totaling 94.8k sf of space. The buildings are located at 236 and 240 North 48th Ave.
Constructed in 1978, 240 North 48th Avenue totals 83.2k sf, divisible to smaller units if desired. The warehouse building features 3.5k sf of office space, 24-foot clear height, 19 dock-high doors, two grade-level loading doors, and significant power of 7,000 AMPS. Outside, the property offers 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots.
236 North 48th Avenue was built in 1979 and totals 11.6k sf. It features 4.2k sf of office space, one dock-high door and two grade-level loading doors. There are 14 auto parking spaces. Both buildings share an entrance on North 48th Avenue.
Stos Partners’ business plan is to immediately commence capital improvements to enhance the two buildings’ functionality and appeal. Planned renovations include painting the buildings’ exterior and making necessary repairs to the parking lot and loading areas, dock and ground level doors, as well as the roof and electrical system. Landscape enhancements are also planned.
236 and 240 North 48th Avenue are situated on the southwest corner of West Van Buren St and North 48th Ave. The location offers high accessibility throughout the Phoenix metro area via major routes such as the I-10, I-17, State Route 51, Loop 101 and 202 Freeways, and US 60. The 5.3-acre property is approximately one mile south of the I-10 corridor, accessible via the North 43rd Street exit, and is situated approximately two miles from the I-17 freeway, providing comprehensive links to air, ground, and rail transportation. It is approximately 10 miles (15 minutes driving) to Phoenix Sky Harbor International Airport and approximately five miles (15 minutes driving) to Downtown Phoenix. It also offers direct connectivity to Southern California, with a drive of less than six hours to the Ports of Los Angeles and Long Beach.
The property was sold by an owner-user. Terms of the deal are not disclosed. The purchase transaction was facilitated by Phil Haenel, Gary Anderson, Foster Bundy at Cushman and Wakefield. Gary Anderson and Nik Vallens are leading the buildings’ leasing efforts.
The transaction marks Stos Partners’ seventh industrial acquisition in Phoenix as the firm continues to secure opportunities that align with its strategic value-add investment platform. The 236 and 240 North 48th Avenue transaction brings Stos Partners’ total 2024 deal volume to nearly $80 mil. The firm recently announced its acquisition of 2325 West Cypress Street, a 35k sf industrial complex in Phoenix.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
