PHOENIX - Capital Markets experts in the Phoenix office of Jones Lang LaSalle(JLL) have completed a $22.1 million sale of Broadway Industrial Portfolio, totaling three Class A buildings and 308,038 square feet in Tempe, Ariz. The deal is JLL’s second investment sale in the area this quarter, accentuating the strength and draw of the submarket’s commercial real estate inventory.
Broadway Industrial Portfolio encompasses a 110,000-square-foot building at 1005 W. Alameda Dr; a 96,437-square-foot building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S. Roosevelt St., all in Tempe. Each building is a Class A, institutional quality asset offering manufacturing, distribution and office space. The properties are also all located directly off of Interstate 10 and fully occupied, with no near-term rollover, to tenants including United Stationers Supply Co., ACI Plastics, Inc., Misty Mate, Inc. and Triumph Group, Inc.
Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills represented the property seller, San Francisco-based Prologis, Inc. The buyer is DCT Industrial Trust.
“These buildings are exceptional in that they combine outstanding functionality and full occupancy with a true Class A image in an infill location,” said Detmer. “This includes access—within minutes—to many of the key amenities that a high-end industrial user might need: an extensive freeway network, international airport, deep labor pool and host of retail opportunities.”
In addition, the project is located within the Southeast Valley, an area that over the last decade has remained one of the nation’s fastest growing regions for industrial and technology companies, and according to JLL is well situated for long-term stability.
Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall, will serve as the exclusive leasing brokers for the property buyer on behalf of DCT Industrial Trust.
This is the second investment sale closed by JLL in the Tempe submarket this quarter. In July, the firm completed a $27.1 million sale of Broadway 101 Office Park, a deal that was driven by high market demand and fundamentals reminiscent of pre-recession transactions.
Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio.
Detmer and Mills as well as the leasing team of Harlan, Sayre and Westfall can be reached at (602) 282 6300.
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