Cushman & Wakefield announced the firm has brokered the sale of a freestanding 37,587 -square-foot industrial building in Tolleson (Phoenix), Arizona. Located at 8590 West Jefferson Street, the building is situated on ±4.4 acres and is 100% leased to a single tenant, a Utah-based wholesale plumbing, waterworks, irrigation and industrial piping distributer.

The property was acquired by Stonelake Capital Partners, a privately owned, fully integrated real estate investment company based in Texas, for $8.3 million. The seller was Westcore, a leading industrial acquisition, development and asset management firm.

8590 West Jefferson Street

Cushman & Wakefield’s Phil Haenel and Foster Bundy of the firm’s Private Capital Group in Phoenix represented together with Will Strong of the firm’s National Industrial Advisory Group - Mountain West team represented the seller. The firm’s Mike Haenel and Andy Markham also provided leasing advisory.

“8590 is a premier and stabilized asset in the sought-after Southwest Phoenix Industrial submarket just south of the ever-growing I-10 Corridor. Demand for warehouse and logistics space has significantly increased in the submarket due to nearby railroad access, I-10, I-17, Loop 101 and Loop 202 freeways,” said Executive Managing Director Phil Haenel. “The submarket maintains its affordable position relative to the rest of the Phoenix which attracts investors due to the mark-to-market story.

“Within the past year, Westcore successfully acquired, fully leased, and now sold this quality asset for a positive gain. We are grateful in working with the Westcore team through this process and congratulate them on their ability to capitalize on Phoenix’s exceptional market fundamentals and now deliver a promising asset to Stonelake Capital Partners,” added Haenel.

According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 million square feet of occupancy growth through the first half of 2023.