PHOENIX, AZ, August 30, 2011 – Jones Lang LaSalle Industrial Solutions experts have brokered an all-cash sale of a 302,640-square-foot distribution building (top left photo) at 9704 W. Roosevelt Road in Tolleson, Ariz. The $9.95 million purchase was made by a limited partnership formed by Denver, Colo.-based Prologis, Inc. (NYSE:PLD), the world’s largest industrial landlord with approximately 600 million square feet of distribution space in 22 countries.
Sade Trust listed the 1995-built Tolleson, Ariz. property for sale when long-time tenant Reckitt Benckiser vacated the building and expanded operations in Utah.
Managing Directors Anthony J. Lydon (middle right photo) and Marc Hertzberg (middle left photo) in the Phoenix office of Jones Lang LaSalle represented the building seller, the Paul and Eleanor Sade Trust of Alamo, Calif. and have also been assigned the leasing efforts for the new owner, Prologis. The team already has tenant interest to lease the entire building and bring roughly 200 jobs to the area.
Fritz Wyler (bottom right photo), Prologis Senior Vice President and Investment Officer, represented Prologis.
“Prologis is a global leader, so its decision to buy here is a significant stamp of approval,” said Lydon. “This purchase tags Phoenix as a rising market with a relative lack of supply for larger industrial space solutions.”
Although Prologis has purchased about three million square feet of Phoenix industrial space in the past two decades, 553,445 square feet of that space was purchased in just the last few weeks.
According to Jones Lang LaSalle, when the Tolleson property is leased, there will only be four available distribution buildings in southwest Phoenix that offer at least 200,000-square-feet of contiguous space. Three years ago, there were 24 properties in this category.
“Phoenix is running out of larger industrial buildings,” Lydon said. “In the last 18 months, we’ve seen more than six million-square-feet of net industrial space absorbed by companies like Amazon, Genco, Sub-Zero and Suntech. We’re currently tracking approximately 20 out-of-state industrial users that are seeking about eight million square feet of additional industrial space in Phoenix.”
Wyler added, “This is a well-located, cross-dock building with encouraging tenant activity. “That typically makes for a very positive, win-win outcome for Prologis and our market partners.”
Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations
(480) 600-0195, www.focusaz.com
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