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| Steve Larsen |
PHOENIX, AZ – The Phoenix
office of JLL has just closed the $9.4 million sale of 464 E. Chilton Dr., a
manufacturing/distribution facility in Chandler, Arizona that underscores the
growing interest in Southeast Valley industrial investment assets.
JLL Vice President Steve Larsen and JLL Managing Director Bill Honsaker brokered the deal for the
buyer, Cohen Asset Management, and the seller, GP Investments, LLC.
“Buyers looking for
quality Phoenix industrial assets have broadened their scope to include not
only our traditional, big-box West Valley space but also the Southeast Valley,
where activity trends more toward manufacturing and regional distribution,”
said Larsen.
“That is the case with this project, which is being purchased by
an investor who, up until now, has operated primarily in the West Valley.”
Built in 2000, 464 E.
Chilton Dr. totals 104,352 square feet, including almost 14,000 square feet of
office space. It is 100 percent occupied by Phoenix Packaging, LLC.
Building amenities include
2-3,600 amps 277/480 volt SES, 28’ clear height, ESFR sprinkler system and five
truckwell and four grade level doors. The project has light industrial/PAD
zoning. It is located approximately 2 miles south of the US 60 Freeway, just
east of Arizona Avenue.
According to JLL, the
Southeast Valley submarkets of Mesa, Gilbert, Ahwatukee, Chandler and Tempe
account for 27 percent of Phoenix’s industrial inventory but as of Q2 were
responsible for more than 60 percent of year-to-date absorption. Freeway access
and large areas of developable land keep these submarkets in high demand among
tenants and developers, and have helped to maintain vacancy rates that fall
below the market average of 10.7 percent.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
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