Vacancy rates among Phoenix’s 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 today 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.
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. 7th Ave., Phoenix)
• Baseline Foothills (4401 – 4409 E. Baseline Rd., Phoenix)
• 3710 E. University Dr., Phoenix
• 2501 W. Phelps Rd., Phoenix