JLL closes $42.2 million sale of White Star Portfolio in Phoenix
PHOENIX,AZ– Vacancy rates among Phoenix industrial product continue to fall, and with the ability to offer plenty of day trips to major distribution centers, investors are pursuing the market’s industrial portfolios.
On behalf of White Star, LLC, JLL’s Capital Markets experts announced the firm has closed the sale of the White Star Portfolio, which consists of nine industrial buildings near Phoenix Sky Harbor International Airport and the city’s interstate highway systems. The Realty Associates Fund X, L.P. purchased the portfolio for $42.2 million ($91.60 PSF).
Managing Directors Mark Detmer and Bo Mills led the JLL team on the transaction.
“There is a limited supply of institutional-quality industrial product, so investors are aggressively chasing properties that provide barriers to entry, flexibility and are located along major transit routes,” said Detmer. “This portfolio features high quality buildings with credit tenants, further driving the properties’ value.”
The White Star Portfolio totals 460,669-square-feet of multi-tenant industrial space. The institutionally maintained and managed properties are located near Phoenix Sky Harbor International Airport and the city’s interstate highway systems, specifically at:
- White Star Corporate Center (2110 – 2140, S. 7thAve., Phoenix)
- Baseline Foothills (4401 – 4409 E. Baseline Rd., Phoenix)
- 3710 E. University Dr., Phoenix
- 2501 W. Phelps Rd., Phoenix
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 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
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