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| Bullard Goodyear Commerce Center, 500--600 North Bullard Avenue, Goodyear, AZ |
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| Mark Hertzberg |
PHOENIX, Sept. 16, 2013 – Citing continued strong investor
interest and robust leasing activity among smaller users, the Phoenix office of
Jones Lang LaSalle (JLL) has completed the $12.6 million sale of Bullard
Goodyear Commerce Center, a six-building, 182,496-square-foot flex
industrial property in Goodyear, Ariz.
Jones Lang LaSalle Associate Riley Gilbert, along
with Jones Lang LaSalle Managing Directors Anthony J. Lydon and Marc
Hertzberg, managed the property’s sale on behalf of seller, a wholly owned
subsidiary of The Guardian Life Insurance Company of America.
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| Anthony J. Lydon |
Prior to the property sale, JLL led an aggressive 30-month
leasing campaign that inked more than 100,000 square feet in new leases. The
commitments brought the industrial development from less than 30 percent
occupied to more than 85 percent occupied with 35 tenants and well positioned
for sale.
“These were predominantly small bay deals—the mom-and-pop
and regional users that survived the downturn and are now back in the market,
creating demand and filling vacant space,” said Gilbert.
“This activity turned
an already well located project into an equally well occupied one, with limited
direct competition and tremendous upside potential based on a proven trend of
consistency.”
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| Riley Gilbert |
According to Gilbert, much of this activity is the result of
a rebounding homebuilder market and the exponential growth of the West Valley,
including neighboring Buckeye, which was the ninth fastest growing community in
the nation in 2012.
Located at 500-600 N. Bullard Ave. in Goodyear, the
Bullard Goodyear Commerce Center encompasses six office/warehouse buildings
totalling 182,496 square feet on 14.35 acres. Amenities include 20’ clear
heights, community truck wells, PAD zoning within the City of Goodyear and
access to a full diamond interchange at I-10 and Bullard Avenue. The space
offers divisibility from 2,493 square feet.
“This project provides smaller-scale lease opportunities in
a market dominated by large-scale users,” said Gilbert. “That makes for a
unique and valuable asset that is located in the middle of a tremendous amount
of planned growth.”
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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