JLL Capital Markets closed the sale of the Southbank Business Park property
PHOENIX, Arizona – JLL Capital Markets announced today that it has closed the $10.55 million ($103.50 PSF) sale of a 101,932-square-foot flex building located in Southbank Business Park in Phoenix, Arizona.
JLL represented the buyer, a private charitable foundation that purchased the asset. Additionally, the buyer hired JLL’s leasing team to market the available 55,139-square-foot contiguous suite. Two fortune 500 companies occupy nearly half of the property.
Situated on 7.96 acres at 3930 East Watkins St., Southbank Business Park’s central Phoenix location provides easy access to the entire metro area. The property is adjacent and visible to Phoenix Sky Harbor International Airport and minutes from Downtown Tempe and ASU, which provides multiple amenities, including hotels, restaurants, parks and fitness. Additionally, the property’s central Phoenix location places it within an eight-hour drive to international ports in both California and Mexico. 3930 East Watkins St. features 24-foot clear heights, wide column spacing, multiple loading positions and ample parking.
The JLL Capital Markets team representing the buyer was led by Managing Director Brian Ackerman, and the JLL Leasing team marketing the tenant space is being led by Managing Director Steve Larsen.
"The buyer was attracted to this location because of the superior quality of construction, the institutional tenants that lease space at the property and the proximity to the airport,” Ackerman said. “The property is also easily accessible to all parts of metro 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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.