DENVER, Feb. 12, 2019 /PRNewswire/ — Today, Northstar Commercial Partners announced the sale of its property located at 12000 N. 132nd Avenue, Surprise, Arizona, USA, for $24.1 million on February 4, 2019. The 418,000 SF building on 32 acres was bought vacant by a Northstar affiliated entity in September of 2015, and represents a significant value creation after acquiring an empty building and signing leases with two Fortune 500 companies and increasing the occupancy.
12000 N. 132nd is located in Surprise, Arizona, which is 24 miles northwest of Phoenix and is the second fastest-growing municipality in the greater Phoenix metropolitan area. The state-of-the-art warehouse/industrial building was built in 2013. The asset was acquired as one of 24 total assets by Northstar in a portfolio acquisition totaling $224.3 million in 2015, for a total portfolio size of 5,900,061 square feet of industrial, retail and office properties in 13 states.
“We are pleased with the sale of this property – it is a Class A industrial asset in a strong location, and represents a good value” says Brian Watson, Chairman & CEO of Northstar. “This transaction represents Northstar’s strength: taking a vacant asset, putting it into productivity, and creating jobs and opportunity for the local community.”
“This unsolicited sale speaks to the market as well as the product type,” said Cary Wicker, Director of Asset Management at Northstar Commercial Partners. “JLL found the buyer (a Canadian REIT) and did a nice job executing on the transaction.” Anthony Lydon, Bill Honsaker and Marc Hertzberg of Jones Lang LaSalle acted as the Seller’s exclusive sale and lease listing brokers.
Watson concluded, “I am pleased that we finalized this sale, and look forward to growing our presence in Arizona and other States throughout the country”.
Northstar specializes in buying vacant, distressed and value-add assets throughout the United States, in order to help stabilize properties, and create jobs and opportunities for thousands of people. Since Watson founded the company in 2000, Northstar has closed more than 138 deals, and currently has 47 retail, office, industrial/warehouse, medical, senior care, data centers, and day care facilities in 15 states under its investment, development, and management. The portfolio exceeds $1.32 billion of market value.
To learn more about Northstar Commercial Partners, please visit www.northstarcp.com.