PHOENIX, AZ – A large portfolio of industrial space located in one of the country’s fastest growing metro areas is bound to attract significant investor attention: the proof is in the sale of the three-property Phoenix Metro Industrial Portfolio. JLL’s Capital Markets experts closed the $66 million sale on behalf of Duke Realty Corporation. Exeter Property Group purchased the assets.
Managing Directors Bo Mills and Mark Detmer led the JLL team on the transaction.
“Phoenix’s industrial market is increasingly on investors' radar due to its connectivity and favorable yields compared to tier one markets,” said Mills. “This portfolio represented an incredible opportunity to acquire a critical mass of institutional-quality warehouse product in a business-friendly market.”
The three properties total 937,655-square-feet and are leased to six, diverse tenants:
- Riverside Business Center, totaling 603,909-square-feet of cross-dock distribution space
- Estrella Buckeye, totaling 250,157-square-feet of distribution space
- 2021 S 51stAvenue, a truck terminal totaling 83,589-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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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