Monday, May 16, 2016

Investors Pursue Strengthening Southwest Industrial Market; JLL closes $66 million sale of Phoenix, AZ Metro Portfolio

Bo Mills
 PHOENIX, May 11, 2016 – A large portfolio of industrial space located in one of the country’s fastest growing metro areas is bound to attract significant investor attention: the proof is in the sale of the three-property Phoenix Metro Portfolio.

JLL’s Capital Markets experts closed the $66 million sale on behalf of Duke Realty Corporation. Exeter Property Group purchased the assets.

Managing Directors Bo Mills and Mark Detmer led the JLL team on the transaction.

“Phoenix’s industrial market is increasingly on investors' radar due to its connectivity and favorable yields compared to tier one markets,” said Mills. “This portfolio represented an incredible opportunity to acquire a critical mass of institutional-quality warehouse product in a business-friendly market.”

The three properties total 937,655 square feet and are leased to six, diverse tenants:

• Riverside Business Center, totaling 603,909 square feet of cross-dock distribution space
• Estrella Buckeye, totaling 250,157 square feet of distribution space
• 2021 S 51st Avenue, a truck terminal totaling 83,589 square feet
For a complete copy of the company’s news release, please contact:

Stacey Hershauer
 +1 480 600 0195

No comments: