Institutional investor snaps up Phoenix distribution center
JLL completes $48.5M sale of Southwest Industrial Center to CBRE Global Investors
Phoenix, Ariz. – JLL Capital Markets has completed the $48.5 million 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com