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Stonelake Picks Up Two W. Phoenix Warehouses for $108M
CIM Group sold the Goodyear Airport portfolio, comprised of two fully leased industrial buildings totaling 726,802 square feet located at 2250 S. Litchfield Road and 1685 S. Litchfield Road, adjacent to the Phoenix Goodyear Airport in Arizona. CIM sold the two for $108 million to Stonelake Capital Partners. A Cushman & Wakefield team of Will Strong, Molly Hunt and Michael Matchett brokered the deal.
Stonelake acquired the 450,619-square-foot building at 2250 S. Litchfield Road for $67 million. The building was leased to NPSG Global, a national third-party logistics provider.
They paid $41 million for the neighboring 276,183-square-foot building at 1685 S. Litchfield Road. The Property will be home to Meyer Burger’s first solar module production facility outside of Europe.
Both properties are located in a designated Foreign Trade Zone.
Commercial Edge reports the purchases were made through the firm’s seventh opportunistic real estate fund, Stonelake Opportunity Partners VII LP, which closed in November with $746 million in total equity commitments.
- ◦Sale/Acquisition
