Stonelake Capital Partners has purchased University Logistics Park, an 86,400 square foot, multi-tenant industrial project in Phoenix. The sales prices comes out to $210 a square foot. The asset was sold by 20 Mule Team Holdings LLC. 

Located at 730 East University Drive and 2440 South 8th Place, the property provides immediate access to Phoenix Sky Harbor International Airport as well as the SR-143 and I-10 freeways. 

A Cushman & Wakefield’s team led by Phil Haenel represented both parties in the transaction.

Haenel said, “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 Metro Phoenix industrial market has experienced 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.