Saturday, October 27, 2018

Phoenix, AZ industrial demand continues to outpace availability

Riley Gilbert

PHOENIX, AZ – Metro Phoenix absorbed more than 5.4 million square feet of industrial space during the first three quarters of 2018, and according to the Q3 2018 Phoenix Industrial Insight report from the Phoenix office of JLL can expect another 1.8 million square feet of absorption by the end of Q1 2019.

“That absorption will come from the usual suspects, including a lot of e-commerce-related activity and in early 2019, a notable rise in data center absorption,” said JLL Vice President Riley Gilbert.

“That is not surprising when you consider that 30 percent of all third quarter land sales in the Southwest Valley alone were purchased for data center use.”

According to JLL, around 25 percent of all absorption in 2018 came from e-commerce companies, including 400,000 square feet during the second quarter, 970,000 square feet during the third quarter and approximately 650,000 square feet expected between now and the end of the year. As much as 56 percent of Q1 2019 absorption is expected to involve e-commerce-related operations as well.

“Geographically, there is also continued domination by the Southwest Valley, which represents almost 70 percent of all active metro Phoenix construction activity,” said Gilbert.

Looking ahead, JLL is expecting demand and absorption to continue. That optimism is strengthened even further by the Loop 303 corridor, a new frontier for large users like Ball Manufacturing who are planting their flags in this emerging industrial submarket.

Typical Ball Manufacturing Plant Can-making Interior

To access JLL’s Q3 Phoenix Industrial Insight report or other local and national JLL research reports, visit the JLL Phoenix research page at esearch.

 For more news, videos and research resources on JLL, please visit or m/phoenix.


Stacey Hershauer
Phone: +1 480 600 0195

Ackerman & Co. Completes Sale of 105,000-SF Industrial Building at Stone Mountain, GA Industrial Park

2232 Mountain Industrial Boulevard,
Stone Mountain Industrial Park, Stone Mountain, GA

ATLANTA, GA – Ackerman & Co. announced it has completed the sale of 2232 Mountain Industrial Boulevard, a 105,800-square-foot industrial building in the company’s Stone Mountain Industrial Park, to Mequity Companies for $5.35 million.

Rendering of planned Cube Smart self storage facility, 
Stone Mountain, GA

Ackerman & Co. brokers Brett Buckner, Jimmy Stevens and Major Martin represented Ackerman in the sale of the facility, located in the Tucker/Stone Mountain submarket of Atlanta, northeast of the city.

Brett Buckner
Mequity, an Atlanta-based real estate development and investment firm, is redeveloping the warehouse as a build-to-suit project for CubeSmart, which will establish a state-of-the-art, climate-controlled self-storage facility, scheduled for completion by year-end.

“This property offers a high visibility location at the intersection of Mountain Industrial Boulevard and Hugh Howell Road and proximity to the area’s residential communities, making 2232 Mountain Industrial Boulevard an excellent location for CubeSmart,” said Buckner.

In another recent transaction, Ackerman & Co. sold 4781 Lewis Road, a 37,300-square-foot warehouse facility, to Zeugma Import for $1.53 million. The company will use the facility for storage and distribution of its line of home furnishing products.

Jimmy Stevens
Located just outside the I-285 Interstate perimeter of Atlanta, Stone Mountain Industrial Park offers a mix of front, rear and side-load warehouse facilities.

“Demand is strong among distribution companies and other users for single-tenant industrial buildings under 150,000 square feet, and there’s very limited land available for new construction of this product close to the I-285 perimeter,” said Buckner.

Ackerman & Co. acquired the 4.1-million-square foot Stone Mountain industrial portfolio in November 2015. The park’s strategic location provides distributors convenient access to local and regional markets.

Major Martin
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

 The company, founded in 1967, retains an expert team of more than 100 real estate professionals.

 To date, Ackerman & Co. has developed and acquired 37 million square feet of office, medical, industrial, retail and mixed-use space, has 8 million square feet under management, and maintains an investment portfolio valued at $1 billion.

 For more information, visit


Steve Webb 

Passco Companies Further Bolsters Southeast Portfolio with Acquisition of 312-Unit Asset in Asheville, NC

Asheville Exchange Apartments, 105 Exchange Circle,
Asheville, NC

Colin Gillis
ASHEVILLE, NC  — Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development, and management of commercial properties throughout the U.S., has acquired Asheville Exchange, a 312-unit, Class A multifamily community in Asheville, North Carolina for $56.6 million.

This is Passco’s first multifamily acquisition in Asheville and first North Carolina purchase in nearly five years.

The firm was attracted to the market due to the city’s strong and sustained population growth across age demographics and high quality of living, according to Colin Gillis, Vice President of Acquisitions, Southeast at Passco.

“Asheville’s picturesque environment and near-perfect climate has made it an attractive vacation destination for several years, while the resident population has grown as well,” explains Gillis.

Marc Robinson
 “The recent population surge has been driven primarily by the in-migration of both retirees and millennials, with more than 30,000 people moving to the area within the past five years.”

Asheville’s reputation as a hip, laidback town with a progressive culture, similar to cities like Austin, Texas, Portland, Oregon, and Boulder, Colorado, will continue to bring young professionals to the area and drive job growth, which has seen nearly a 20 percent increase in the last six years.

Gillis further points to the city’s emergence as the ‘Beer Capital of the East,’ with hundreds of millions of dollars having been recently invested in new facilities for major Western-U.S. based breweries including Sierra Nevada and New Belgium.

Jordan McCarley
The craft-brewery scene has exploded in the Asheville area over the last several years as the city boasts more breweries per capita than almost any other U.S. city, which has served as a nice complement to an already thriving tourism industry.

 “The Asheville market has been on our radar for some time due to its unique attributes, high-occupancy rates, and above-average population growth trends with a shortage of luxury-rental options,” continues Gillis.

“The shortage of luxury multifamily housing in the market has allowed for properties like Asheville Exchange to experience near-record setting absorption rates and positions the property for continued growth.

Brooks Colquitt
"We are excited to have acquired Asheville Exchange, an exceptional asset that is one of the top multifamily communities in the market, featuring best-in-class amenities and unit features.” 

While a handful of prominent regional multifamily developers have recently shown interest in Asheville, it remains one of the lowest-vacancy markets in the country, with a relatively slow development pipeline due to high political and physical barriers to entry, Gillis notes.

Marc Robinson, Jordan McCarley, and Brooks Colquitt of Cushman & Wakefield represented both the buyer and the seller, Hathaway Development, in this transaction.

Chris Black
“Asheville Exchange is a thoughtfully developed Class A asset in one of the most vibrant destination cities in the Southeast,” says McCarley.

“The asset is primed for growth and should be a great addition to Passco’s diverse portfolio in the region.”

Asheville Exchange consists of one-, two-, and three-bedroom units with an expansive amenity package that includes energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry, and full-size, front loading washer/dryers in select units.

The community also features bike and kayak storage, a clubhouse with Wi-Fi, controlled access gates, a car care center, a dog park and pet care station, an expansive state-of-the-art fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saline swimming pool, tanning salon and massage room, and valet trash service.

Caleb Martin
Asheville Exchange is located off Interstate 26 and Brevard Road, offering easy access to Downtown and the greater region.

The immediate area surrounding the asset along Brevard Road has seen a massive influx of development recently, with hundreds of millions of dollars spent on new retail, commercial, hospitality and residential uses, as well as much-needed infrastructure expansions in the last two years alone, notes Gillis.

Completed in December 2017, Asheville Exchange is located at 105 Exchange Circle in Asheville, North Carolina.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.


Elisabeth Manville / Lexi Astfalk
Brower Group
(949) 955-7940 
 @CushWake on Twitter.

Marcus & Millichap Arranges $650,000 Sale of Summerplace at Summerfield in Summerfield, FL

Krone Weidler

SUMMERFIELD, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Summerplace at Summerfield, 12.54 Acres of land located in Summerfield, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $650,000.

L.J. Tsunis
Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution. 

The buyer, a limited liability company, handled the transaction in-house.

“We were able to overcome several obstacles with this deal, and secure a local buyer, who was knowledgeable about the local market and could close quickly,” says LJ Tsunis.

Summerplace at Summerfield is located just off U.S. Highway 27 and is only two miles east of U.S. Highway 301. The subject property is part of the Spruce Creek Country Club, located on the northeast corner of the intersection of U.S. Highway 27 South/U.S. 441 South and Del Webb Boulevard. 

The site is currently zoned PUD-ALF/SNF allowing for a mixed-use development including residential, commercial retail, commercial office space uses, assisted living facilities and skilled nursing facilities. 

The concept plan proposes a total of 153 beds in two separate facilities, a two-story ALF with 92 beds and a one-story SNF with 61 beds, on approximately 4.9 acres of the overall 12.54 acres.

Ari Ravi
Summerplace at Summerfiedl is located in the Ocala Metro. Known for the strong manufacturing base and for the equine industry, the Ocala metro can attract global companies. 

The metro comprises all of Marion County and is a two hour or shorter drive from Jacksonville, Orlando and Tampa. Retirees of 65 and older account for 28 percent of the population, contributing to a large healthcare sector. 

Summerplace at Summerfield is located at 14000 Del Webb Boulevard in Summerfield, Fla. 


Whitney Davis
Marketing Coordinator
Marcus & Millichap
201 North Franklin St.
Suite 1100
Tampa, FL 33602
(813) 387-4700 main
(813) 387-4743 direct
(813) 387-4710 fax