JLL Capital Markets announced today that it has closed the $14.25 million sale of a 104,352-square-foot, fully leased, single-tenant light industrial building in the Phoenix-area community of Chandler, Arizona.
JLL Capital Markets marketed the property on behalf of the seller, Cohen Asset Management, Inc. An affiliate of Boston-based STAG Industrial, Inc. purchased the asset.
The property is triple net leased to Phoenix Packaging Operations, LLC, a subsidiary of Grupo Phoenix, which has been one of the leading manufacturers of injection-molded plastic packaging, thermoformed products, foil lidding and extruded barrier packaging in Latin America for the last 20 years. Originally constructed in 2000, the tenant has made significant improvements to the building in both 2011 and 2017, including installing two additional cranes. Additional property features are a 28-foot clear height, ESFR sprinklers, five dock-high doors, four grade-level doors, low office finish and ample parking.
Situated on 8.51 acres at 464 E. Chilton Dr., the building is between U.S. 60, State Route 87, Loop 101 and Loop 202 Freeways, providing easy access to the Southwest Valley, the entire metro Phoenix area and the greater California region. It is also within the Chandler/Mesa Industrial submarket, a central industrial hub proximate to two area airports, and within the Chandler Enterprise Zone, which allows qualified businesses tax benefits.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Detmer and Senior Director Ryan Sitov along with Managing Directors Steve Larsen and Bill Honsaker.
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 sales 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.
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