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| Part of Broadway industrial portfolio, Tempe, AZ |
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| Mark Detmer |
PHOENIX, AZ –Capital Markets experts in the Phoenix office
of Jones Lang LaSalle (JLL) have completed a $22.1 million sale of Broadway
Industrial Portfolio, totaling three Class A buildings and 308,038 square
feet in Tempe, Ariz.
The deal is JLL’s second investment sale in the area this
quarter, accentuating the strength and draw of the submarket’s commercial real
estate inventory.
Jones Lang LaSalle Managing Directors Mark Detmer and
Bo Mills represented the property seller, San Francisco-based Prologis,
Inc. The buyer is DCT Industrial Trust.
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| Bo Mills |
Broadway Industrial Portfolio encompasses an
110,000-square-foot building at 1005 W. Alameda Dr; a 96,437-square-foot
building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S.
Roosevelt St., all in Tempe.
Each building is a Class A, institutional quality asset
offering manufacturing, distribution and office space. The properties are also
all located directly off of Interstate 10 and fully occupied, with no near-term
rollover, to tenants including United Stationers Supply Co., ACI Plastics,
Inc., Misty Mate, Inc. and Triumph Group, Inc.
“These buildings are exceptional in that they combine
outstanding functionality and full occupancy with a true Class A image in an
infill location,” said Detmer. “This includes access—within minutes—to many of
the key amenities that a high-end industrial user might need: an extensive
freeway network, international airport, deep labor pool and host of retail
opportunities.”
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| Broadway 101 Office Park, Tempe, AZ |
In addition, the project is located within the Southeast
Valley, an area that over the last decade has remained one of the nation’s fastest
growing regions for industrial and technology companies, and according to JLL
is well situated for long-term stability.
Jones Lang LaSalle Executive Vice Presidents Pat Harlan
and Steve Sayre, and Associate Kyle Westfall, will serve as the
exclusive leasing brokers for the property buyer on behalf of DCT Industrial
Trust.
This is the second investment sale closed by JLL in the
Tempe submarket this quarter. In July, the firm completed a $27.1 million sale
of Broadway 101 Office Park, a deal that was driven by high market
demand and fundamentals reminiscent of pre-recession transactions.
For a complete
copy of the company’s news release, please contact:
Stacey Hershauer
480.600.0195
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