University Logistics Park. (Photo provided by Cushman & Wakefield)
University Logistics Park in Phoenix sells for $18.1 million
Cushman & Wakefield announced the firm has advised the sale of University Logistics Park, an 86,374-square-foot multi-tenant industrial project in Phoenix, Arizona. Located at 730 East University Drive and 2440 South 8th Place, the two-building park is situated in the city’s Airport submarket and was fully leased at the close of escrow.
Stonelake Capital Partners, a privately owned, fully integrated real estate investment company based in Texas, acquired the property for $18.1 million from 20 Mule Team Holdings LLC.
Cushman & Wakefield’s Phil Haenel and Foster Bundy of the firm’s Private Capital Group in Phoenix represented both parties in the transaction. The firm’s Mike Haenel and Andy Markham also provided leasing advisory.
“University Logistics Park presented a unique infill investment opportunity to acquire a premier industrial asset with major upside potential in a highly sought-after submarket and capitalize on the demand for small mid-bay industrial space in the area,” said Executive Managing Director Phil Haenel. “The property is currently 100% leased to two tenants, both with short lease terms remaining and in-place rents well below market, which will provide the new buyer with a great opportunity to add value to the asset in the coming years."
The property provides immediate access to Phoenix Sky Harbor International Airport as well as the SR-143 and I-10 freeways.
The Metro Phoenix industrial market has experienced a robust 13 consecutive calendar years (2010 through 2022) of positive net absorption totaling ±130 million square feet of growth, with 2023 also trending positive year-to-date. According to Cushman & Wakefield’s latest Q1 2023 report, Phoenix’s industrial market vacancy was a healthy 4.4% with a strong 4.5 million square feet of occupancy growth in Q1 2023. The Airport submarket posted a vacancy rate of 3.2%.