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| Buckeye Logistics Center, 6825 and 6913 W. Buckeye Road. Southwest Phoenix, AZ |
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| Mark Detmer |
PHOENIX, AZ, June
13, 2013 – Only months after joining Jones Lang LaSalle's Capital Markets
group, the veteran broker team of Managing Directors Mark Detmer and Bo
Mills has completed the $44.3 million sale of Buckeye Logistics Center,
a two-building institutional-quality industrial project in the sought-after
Southwest Phoenix submarket.
Detmer and Mills represented both the seller, Principal Real
Estate Investors, and the buyer, IIT Acquisitions LLC.
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| Bo Mills |
As the project’s
exclusive leasing brokers, Jones Lang LaSalle Executive Vice Presidents Pat
Harlan and Steve Sayre, and Associate Kyle Westfall brought
the property from zero to 100 percent leased and well-positioned for sale.
“This is hands down one of the best institutional-quality
projects sold in Phoenix this year,” said Detmer. “It is fully leased to five
strong credit tenants, has been institutionally owned and maintained since its
delivery to the market, and sits at a high profile location.
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| Pat Harlan |
“These features—along with the submarket’s rapid absorption
rate and the property’s tremendous upside potential through rent growth—create
a scenario that’s extremely hard to replicate.”
Built in 2008, Buckeye Logistics Center totals 684,064
square feet at 6825 and 6913 W. Buckeye Road. The 6825 building
totals 380,569 square feet on 14 acres and is fully leased to HD Supply,
Victory Packaging and Mor Furniture for Less.
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| Steve Sayre |
The 6913 building totals 303,495 square feet on 17 acres and
is fully leased to Philosophy and Kellogg. Both buildings offer
state-of-the-art distribution features including 32’ clear, trailer storage and
cross dock loading.
Located directly on Buckeye Road in Phoenix, Buckeye
Logistics Center is minutes from Interstates 10 and 17, the 101 Freeway, and Sky
Harbor International Airport.
The property is also within a six-hour drive to the Ports of
Los Angeles and Long Beach. It is situated within Southwest Phoenix, which is
home to more than 25 percent of the entire Phoenix industrial market inventory.
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| Kyle Westphall |
“These are the kind of fundamentals that hit the high points
of an investor’s checklist,” added Mills. “They make for long-term viability
that is unrivaled in any other part of the Valley.”
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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