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July 14, 2024
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Stonelake Capital Partners Completes $38 Mil AZ Industrial Buy


Stonelake Capital Partners has purchased a 249.9k sf, Class A industrial asset in Tolleson, AZ for $38.2 mil ($153/sf). Situated in Phoenix’s sought-after West Valley market, the property is 100% leased to Circle K, which operates a distribution center as well as data center functions at the facility.

The facility consists of many modern features and includes a freezer, cooler, and data-center operation. It is located at 8313 West Latham St, very close to I-10 and within minutes of multiple major freeways including the Loop 202, Loop 303, Loop 101 and Interstate 17. The property is also less than a six-hour drive to the Port of Los Angeles and Long Beach and has complete transportation linkages via air, rail, and ground.

Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, Molly Hunt, Callahan Conway, Stephanie Saccente and Sarah Baleanu with Cushman & Wakefield represented the seller, Oxford Properties, in the transaction.

“This is a premier industrial asset fully leased to a robust multi-national corporation with mission critical uses at the facility. Circle K has over a 20-year history at this location and has made a significant investment in the property,” said Strong. “The property also resides in a prime location in the heart of Phoenix’s West Valley, a hot spot that has attracted significant interest from industrial occupiers. This demand has driven interest from investors seeking strong performing assets, such as this one-of-a-kind investment opportunity.”

According to Cushman & Wakefield’s Q4-2022 market report, direct industrial vacancy in the overall Phoenix market was a healthy 4.4% with the Southwest Valley submarket, where the property is located, at 4.6%. The Phoenix market achieved a robust nearly 21.7 msf of occupancy growth in 2022, with the Southwest Valley submarket accounting for the lion’s share with 15.8 msf of growth.

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