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8/01/23
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A 37.6k sf, freestanding industrial building in Tolleson, AZ was acquired by TX-based Stonelake Capital Partners for $8.3 mil ($221/sf). The property, situated on 4.4 acres at 8590 West Jefferson St, is 100% leased to a single tenant, a Utah-based wholesale plumbing, waterworks, irrigation and industrial piping
Cushman & Wakefield’s Phil Haenel, Foster Bundy and Will Strong represented the seller, Westcore. The firm’s Mike Haenel and Andy Markham also provided leasing advisory.
“8590 is a premier and stabilized asset in the sought-after Southwest Phoenix Industrial submarket just south of the ever-growing I-10 Corridor. Demand for warehouse and logistics space has significantly increased in the submarket due to nearby railroad access, I-10, I-17, Loop 101 and Loop 202 freeways,” said Phil Haenel. “The submarket maintains its affordable position relative to the rest of the Phoenix which attracts investors due to the mark-to-market story.
According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 msf of occupancy growth through the first half of 2023.
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