Stonelake Capital Partners recently purchased University Logistics Park, an 86,400 square foot multi-tenant industrial project in Phoenix for $210 a square foot. The asset was sold by 20 Mule Team Holdings LLC and is located at 730 East University Drive and 2440 South 8th Place. It provides immediate access to Phoenix Sky Harbor International Airport as well as the SR-143 and I-10 freeways.
Phil Haenel of Cushman & Wakefield represented both parties in the transaction and commented that “the property is currently 100% leased to two tenants with short lease terms remaining and in-place rents below market value, providing great opportunity for added value over time”.
The Metro Phoenix industrial market has seen 13 consecutive years (2010 – 2022) of positive net absorption totaling 130 million square feet of growth; 2023 also looks promising year so far.
