Encinitas-based real estate investment firm Stos Partners recently sold a large-scale industrial property in a Phoenix suburb for more than $25 million, launching an active 2022 after a record year of transactions, the company announced.

The firm sold the 227,000-square-foot, single-tenant industrial property in the Phoenix metro submarket of Tolleson for $27.5 million, according to a company news release. It was sold to an undisclosed institutional buyer.

Stos, which also has offices in Orange County and Laredo, Texas, entered the Arizona market when it purchased the property in December 2020 for $16.35 million, company officials said.

“We were able to successfully translate our proven industrial investment strategy, which we’ve enacted throughout Southern California, to the Phoenix market, resulting in a nearly 70% increase in value over the approximately 1-year hold,” firm Principal CJ Stos said in the news release. “We had been monitoring the Arizona market for several years and officially made the decision to expand our holdings into the area with this acquisition. Although we were bullish when it came to this investment from the start, the property outperformed our expectations and we ultimately sold ahead of the business plan based on market demand.”

The sale comes after a record year in 2021, during which Stos Partners bought 11 properties totaling $221 million and sold five totaling $112 million, bringing the firm’s transaction volume to more than $330 million for the year.

“We strategically identified Tolleson as a submarket that offers large distribution and manufacturing tenants a prime infill location within the growing Phoenix metro, where we will continue to seek opportunities amidst Arizona’s pro-business economy and robust labor supply,” Stos Partner Jason Richards said in the news release.

In addition to the Phoenix-area sale, Stos Partners and Cardinal Industrial recently bought about 1.1 million square feet of light industrial in Indianapolis, Indiana, real estate news outlet REJournals reported Feb. 2.

encinitas current, cardiff current