Sterling Logistics Properties acquired the 39,306-square-foot vacant property in September 2021 for $5.75 million
WEST PALM BEACH, FL / ACCESSWIRE / June 18, 2024 / Sterling Logistics Properties, a subsidiary of Sterling Organization which is a leading private equity real estate investment firm with a national platform focused on investing in LAST HOUR® consumer fulfillment, distribution and retail real estate assets, has sold 18808 North 32nd Street in Phoenix, AZ.
Tesla collision center
Sterling Logistics Properties acquired the 39,306-square-foot vacant property in September 2021 for $5.75 million through a Fund, Sterling Consumer Logistics Properties I, LP ("SCLP I"), which seeks to opportunistically acquire primarily vacant, freestanding, retail buildings with the intent to convert them into Neighborhood Fulfillment Centers. This transaction marks the second disposition for the $225 million equity Fund.
Shortly after Sterling Logistics Properties acquired the property, numerous e-commerce-focused tenants expressed interest in the building due to its strategic location near two major highway interchanges, providing excellent access to the area's dense and affluent population. In the summer of 2022, Sterling leased the property to Tesla, which planned to open a state-of-the-art collision center, including a 4,000-square-foot expansion. Tesla commenced operations in August of 2023.
"We're excited to mark the achievement of the second disposition within our Sterling Consumer Logistics Properties Fund. It was very satisfying to see this transaction come to fruition after all the hard work put into the property by our Sterling Logistics Properties' team. We are proud to deliver the returns to our partners whose backing of this initiative we deeply value," remarked Joe Dykstra, President of Sterling Logistics Properties. "The sale of this asset validates our strategic outlook and reinforces our belief in the Fund's potential and that of our Logistics platform. We have now round-tripped our first two assets and are optimistic with regards to future results," added Mr. Dykstra.
##
Sterling Organization has more than $2.0B of assets under management across the U.S., inclusive of more than 12 million square feet of primarily retail real estate. Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, FL. The Sterling Consumer Logistics Properties I Fund currently owns five other assets across the U.S. and is actively looking to expand its portfolio.
Contact Information
Dana Verhelst
SVP, Marketing
dverhelst@sterlingorganization.com
+15618127476
SOURCE: Sterling Organization
View the original press release on newswire.com.
