{"id":1004716958,"date":"2024-06-12T03:39:20","date_gmt":"2024-06-12T11:39:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004716958"},"modified":"2024-06-12T03:39:21","modified_gmt":"2024-06-12T11:39:21","slug":"stonelake-capital-pays-108m-for-phoenix-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/","title":{"rendered":"Stonelake Capital Pays $108M for Phoenix Assets"},"content":{"rendered":"
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\"2250
2250 S. Litchfield Road comprises 450,619 square feet. Image courtesy of The Opus Group<\/em><\/figcaption><\/figure><\/div>\n\n\n

Texas-based real estate private equity firm Stonelake Capital Partners has expanded its Phoenix footprint with the acquisition of two industrial properties in Goodyear, Ariz., totaling 726,802 square feet. <\/p>\n\n\n\n

CIM Group sold the pair for $108 million in an all-cash deal that was one of the largest industrial transactions in metro Phoenix this year. Cushman & Wakefield brokered the sale.<\/p>\n\n\n\n

CIM Group, a Los Angeles-based firm which acquired the industrial assets in separate deals in 2021, made a $16 million profit on the sale of the properties, according to the Phoenix Business Journal.<\/em><\/p>\n\n\n\n

\n\n\n\n

READ ALSO: Top 5 Industrial Properties Under Construction in Phoenix<\/a><\/p>\n\n\n\n

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The purchases were made through the firm\u2019s seventh opportunistic real estate fund, Stonelake Opportunity Partners VII LP, which closed in November with $746 million in total equity commitments. Stonelake VII exceeded its $700 million target and was the firm\u2019s largest fund since its founding in 2007. <\/p>\n\n\n\n

Stonelake, which has offices in Dallas, Houston and Austin, Texas, has raised a total of $1.7 billion of equity across three funds in the last three years. Similar to the strategy of its previous funds, Stonelake VII pursues real estate investments across 11 Sun Belt markets<\/a> with a primary focus on acquiring and developing industrial warehouses.<\/p>\n\n\n\n

Stonelake picked up 2250 S. Litchfield Road, a 450,619-square-foot facility, for $67 million, and 1675 S. Litchfield Road, a 276,183-square-foot building, for $41 million, according to the PBJ<\/em>. The larger property is fully leased to Meyer Burger Technology AG, a Swiss solar panel technology manufacturer, and NPSG Global, a national third-party logistics provider. The smaller building is fully leased to Meyer Burger and is the company\u2019s first solar module production facility outside of Europe.<\/p>\n\n\n\n

\u200dCIM Group acquired the larger building<\/a>, located across from the Phoenix Goodyear Airport, in August 2021 when it was newly built, from The Opus Group for $56 million. The cross-dock property features 36-foot clear heights, 73 dock-high doors, 190-foot truck courts, as well as ample car and trailer parking on a 29-acre site.<\/p>\n\n\n\n

Upon its completion in December 2021, CIM Group purchased the smaller building<\/a>. The rear-load facility has 36-foot clear heights and 48 dock-high doors, as well as ample car and trailer parking.<\/p>\n\n\n\n

Both properties are located in a designated Foreign Trade Zone and offer proximity to the 1-10 freeway and a direct connection to the Ports of Los Angeles and Long Beach in California, Loop 303, Union Pacific Railroad and Sky Harbor International Airport in Phoenix.<\/p>\n\n\n\n

A Cushman & Wakefield team including Executive Vice Chair Will Strong, Senior Associate Molly Hunt and Director Michael Matchett represented both Stonelake and CIM Group, the PBJ<\/em> reported.<\/p>\n\n\n\n

Stonelake Phoenix deals<\/h2>\n\n\n\n

In addition to Phoenix, Stonelake is active in South Florida; Orlando and Tampa, Fla.; Nashville, Tenn.; Atlanta and Dallas, Austin, Houston, El Paso and San Antonio in Texas. Stonelake owns about 1.8 million square feet of industrial holdings in the Phoenix area, where it has made more than 12 deals in the last three years.<\/p>\n\n\n\n

Other Phoenix area assets include a 249,904-square-foot industrial property in Tolleson, Ariz., purchased in April 2023 for $38.2 million from Oxford Properties Group. The facility is fully occupied by Circle K as a data center and distribution facility<\/a>. The single-story building was developed in 2000 and is located at 8313 W. Latham St. Strong and Hunt of Cushman & Wakefield were part of the team working on that deal as well.<\/p>\n\n\n\n

Last July, Stonelake sold a 132,318-square-foot industrial property in Phoenix<\/a> to FM Industries for $23 million. Located at 41450 S. Riverpoint Parkway in the Airport submarket, the two-story manufacturing building was completed in 2002.<\/p>\n","protected":false},"excerpt":{"rendered":"

The all-cash deal marked one of the largest industrial transactions in the market so far this year.<\/p>\n","protected":false},"author":1068,"featured_media":1004548640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,1601,15],"tags":[33194,32799,33291],"class_list":["post-1004716958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-cim-group","tag-cushman-wakefield","tag-stonelake-capital-partners"],"acf":[],"yoast_head":"\nStonelake Capital Pays $108M for Phoenix Assets - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Stonelake Capital Partners purchased a pair of Phoenix-area industrial properties totaling 726,802 square feet from CIM Group.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stonelake Capital Pays $108M for Phoenix Assets\" \/>\n<meta property=\"og:description\" content=\"Stonelake Capital Partners purchased a pair of Phoenix-area industrial properties totaling 726,802 square feet from CIM Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-12T11:39:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-12T11:39:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/2250-S.-Litchfield-Road-Goodyear-Ariz..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"889\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/\",\"name\":\"Stonelake Capital Pays $108M for Phoenix Assets - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/2250-S.-Litchfield-Road-Goodyear-Ariz..jpg\",\"datePublished\":\"2024-06-12T11:39:20+00:00\",\"dateModified\":\"2024-06-12T11:39:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"Stonelake Capital Partners purchased a pair of Phoenix-area industrial properties totaling 726,802 square feet from CIM Group.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonelake-capital-pays-108m-for-phoenix-assets\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/2250-S.-Litchfield-Road-Goodyear-Ariz..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/2250-S.-Litchfield-Road-Goodyear-Ariz..jpg\",\"width\":889,\"height\":667,\"caption\":\"2250 S. 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