CIM Group has recently completed the sale of two fully leased industrial buildings in Arizona’s Phoenix Goodyear Airport area. The portfolio, totaling 726,802 square feet and located at 2250 S. Litchfield Road and 1685 S. Litchfield Road, was sold for $108 million to Stonelake Capital Partners.
The transaction was brokered by a team from Cushman & Wakefield led by Will Strong, Molly Hunt and Michael Matchett.
Stonelake acquired the first building at 2250 S. Litchfield Road for $67 million. This property spans over 450,619 square feet and is currently leased to NPSG Global – a national third-party logistics provider.
The neighboring building at 1685 S.Litchfield Road was purchased for $41 million by Stonelake as well.This facility covers an area of276,183 square feetand will serve as Meyer Burger’s first solar module production plant outside of Europe.The properties are both situated within a designated Foreign Trade Zone.
According to Commercial Edge reports,the acquisitions were made through Stonelake Opportunity Partners VII LP -the firm’s seventh opportunistic real estate fund that closed in November with total equity commitments amountingto$746 million.
This recent acquisition marks another successful investment for Stonelake Capital Partners who continues to expand their portfolio through strategic purchases like these two warehouses in West Phoenix.Additionally,this purchase aligns with their active approach towards investinginopportunistic real estate assets.Stonelakesuccessfullyclosed on this deal using its expertiseand experiencein commercial real estate investmentswithout mentioning any specific brand names or locations such as “Connect” or “Connect LA”or “Connect Texas”.
