Done Deals: JLL brokers $40 Million sale of Arizona and Colorado industrial portfolio

Friday, December 29, 2017

JLL brokers $40 Million sale of Arizona and Colorado industrial portfolio

Mark Detmer

PHOENIX, AZ – JLL’s Capital Markets experts announced the company completed the sale of the Western U.S. Industrial Multi-Tenant Portfolio. JLL represented the seller, BPP Pacific. Artis REIT purchased the nine-building portfolio for $40 million.

The portfolio totals 379,487 square feet and includes three industrial parks: Rocky Mountain Business Center located in Aurora, Colorado, and Roosevelt Commons and Superstition Springs in Mesa and Tempe, Arizona, respectively.

Managing Directors Mark Detmer, Bo Mills and Vice President Ryan Sitov led the JLL team on the sale with local market support from Executive Vice Presidents Pat Harlan and Steve Sayre in Phoenix, and Managing Director Mitch Zatz and Vice President Carm Hicks in Denver.

“This was an excellent opportunity to purchase institutional quality assets that are well-located throughout the Western United States,” said Detmer.

“The sale of this portfolio reinforces the strength of these markets, especially in Denver where high-level investor interest was piqued by exceptional fundamentals and a choice asset,” said Hicks. “Our clients had solid buyer choices, which was evident in the amount of tours and requests for market intel.”