JLL completes $48.5M sale of Southwest Industrial Center to CBRE Global Investors
PHOENIX, Arizona -- JLL Capital Markets has completed the $48.5 million ($71 PSF) sale of Southwest Industrial Center, located at 7775 West Buckeye Road in Phoenix, Arizona, on behalf of Houston-based global real estate investor, Hines, who retained ownership of the adjacent development site which was not part of the sale. The buyer was Los Angeles-based CBRE Global Investors Acquisitions, LLC.
Managing Directors Bo Mills and Mark Detmer, and Vice President Ryan Sitov of JLL’s Industrial Capital Markets platform, along with Phoenix-based Managing Directors Marc Hertzberg and Anthony Lydon, represented the seller.
"Southwest Industrial Center is located in one of the largest and most sought after industrial markets in the West, and offers stable in-place income as well as an immediate upside through further lease up of the existing vacant space,” said Mills. Southwest Industrial Center is a 32-foot clear height, Class A cross-dock distribution building constructed in 2015 and totals 684,420 square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: https://bit.ly/18P2tkv.