US industrial property investor CapRock Partners has sold a repositioned 110,710sqft asset to a global real estate investment advisor for an undisclosed sum.
The California-based has sold the fully-leased property in the Phoenix Sky Harbor submarket to an unnamed investor.
CapRock said it acquired the property in 2017 as part of a value-add strategy. At the time of acquisition, the property had significant functional challenges and CapRock Partners implemented extensive capital renovations and improvements to elevate the asset to a Class A status, it said.
Nicholas Ilagan, senior VP, asset management at CapRock Partners, said: “This repositioning is a great example of our Western US-focused value-add strategy where we tap into our market expertise and experience to convert underperforming assets into institutional-quality buildings that meet the demand.
“The acquisition of this asset in 2017 marked our first foray into Phoenix and our appetite to grow our portfolio in this market remains strong, especially given the pandemic-led e-commerce boom driving new demand for warehouse and distribution space in the region.”
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