Sterling Logistics Properties Sells Tesla Location in Phoenix for $12.551 Million

Sterling Logistics Properties, a subsidiary of Sterling Organization, has sold the property at 18808 North 32nd Street in Phoenix, AZ, for $12.551 million. The 39,306-square-foot property, acquired in September 2021 for $5.75 million, was initially vacant.

This site, later leased to Tesla in the summer of 2022, became a state-of-the-art collision center and began operations in August 2023. The sale marks the second disposition for the $225 million equity Fund, Sterling Consumer Logistics Properties I, LP.

Joe Dykstra, President of Sterling Logistics Properties, highlighted the achievement, noting the strategic outlook and the potential of the Fund and Logistics platform.

Sterling Organization manages over $2.0 billion in assets across the U.S., targeting primarily retail real estate. Their Fund currently holds five other assets and aims to expand its portfolio.