Stos Partners Inks Full-Building Lease at Phoenix Facility
The company acquired the 94,186-square-foot warehouse last month.
Copper State Bolt & Nut, a manufacturer and distributor of fasteners and related products in North America, has signed a full-building lease at a 94,186-square-foot warehouse at 1002 S. 54th Ave. in Phoenix.
Stos Partners is the owner of the facility, after acquiring it last month from window manufacturer and distributor Jeld-Wen for $10.9 million. CommercialEdge data shows that the owner took out an $8.1 million loan from CopperPoint Mutual Insurance Company to finance the acquisition.
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Executive Managing Director Phil Haenel, alongside Vice Chairmen Andy Markham and Mike Haenel, all with Cushman & Wakefield represented the landlord in the lease transaction. Senior Vice President William Bayless with CBRE assisted the tenant.
Cushman & Wakefield also advised Stos Partners in September 2022, when the company sold a 182,275-square-foot industrial building in the San Gabriel Valley, Calif., with EverWest Advisors paying $45.9 million for the asset.
Property upgrades underway
Through its capital improvement program, Stos Partners is now renovating the 1992-built facility. The one-story Class B building sits on 4.2 acres in an Opportunity Zone, and features 7,000 square feet of office space. The property has 25-foot warehouse clearance, 17 dock-high doors, two drive-in, ground-level doors, 60 parking spaces, HVAC in the warehouse space and EVAP cooling system throughout the building.
Located just 2 miles from Freeway 202—which connects it to Interstate 10—the property is some 8 miles from downtown Phoenix. Companies in the surrounding area include Amazon, as well as several other distribution and logistics centers.
High demand for industrial space in Phoenix
A 2022 Cushman & Wakefield fourth quarter report showed that industrial demand in the Phoenix area is still high, with the warehouse and distribution sector accounting for 81.3 percent of new leasing in 2022, for a total of 26.5 million square feet.
The Southwest Valley submarket, where Stos Partners’ most recent acquisition is located, had the highest amount of new leasing activity due to its relative proximity to the Ports of Los Angeles and Long Beach, Calif., accounting for a little more than half of total new leasing.
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