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6/01/23
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Stonelake Capital Partners has purchased University Logistics Park, an 86.4k sf, multi-tenant industrial project in Phoenix, in an $18.1 mil ($210/sf) transaction. The asset was sold by 20 Mule Team Holdings LLC.
Located at 730 East University Drive and 2440 South 8th Place, the two-building park is situated in the city’s Airport submarket. The property provides immediate access to Phoenix Sky Harbor International Airport as well as the SR-143 and I-10 freeways.
Cushman & Wakefield’s Phil Haenel and Foster Bundy represented both parties in the transaction. Mike Haenel and Andy Markham, also with C&W, provided leasing advisory.
“University Logistics Park presented a unique infill investment opportunity to acquire a premier industrial asset with major upside potential in a highly sought-after submarket and capitalize on the demand for small mid-bay industrial space in the area,” said Haenel. “The property is currently 100% leased to two tenants, both with short lease terms remaining and in-place rents well below market, which will provide the new buyer with a great opportunity to add value to the asset in the coming years."
The Metro Phoenix industrial market has experienced a robust 13 consecutive calendar years (2010 through 2022) of positive net absorption totaling 130 msf of growth, with 2023 also trending positive year-to-date. According to Cushman & Wakefield’s latest Q1 2023 report, Phoenix’s industrial market vacancy was a healthy 4.4% with a strong 4.5 msf of occupancy growth in Q1 2023. The Airport submarket posted a vacancy rate of 3.2%.
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