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| 7200 West Buckeye Road, Southwest Phoenix, AZ |
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| Mark Detmer |
PHOENIX, AZ, Dec.
10, 2013 – Phoenix industrial absorption rates may have hiccupped mid year, but
investors are not deterred, as illustrated by the sale of 7200 West Buckeye
Road in Southwest Phoenix.
Jones Lang LaSalle’s Capital Markets experts facilitated the
sale on behalf of the owner this week. 7200 West Buckeye Road Industrial
Investors, LLC purchased the 400,000-square-foot industrial property for $26.25
million.
Jones Lang LaSalle (JLL) Managing Directors Mark Detmer
and Bo Mills represented both the buyer and the seller.
Located on Buckeye Road within minutes of Interstate 10,
7200 Buckeye Road is 100 percent leased through 2017 to national credit tenant,
Home Depot U.S.A., Inc.
The building was built in 2009 and includes state-of-the-art
features such as 32’ clear height, ESFR sprinklers, cross dock loading, concrete
truck courts and trailer storage.
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| Bo Mills |
“This industrial project competes toe-to-toe with the best
assets in the Valley,” said Detmer. “As our industrial market continues to
strengthen, this property—like so many others in Phoenix—will deliver on its
upside potential through rent growth, tenant retention and steadily rising
values.”
According to JLL research, industrial vacancy levels in
Southwest Phoenix are almost 10 percent lower than they were two years ago,
with more than 10 million square feet of requirements still actively touring
the market for space.
As of September, the firm’s quarterly Phoenix Industrial
Market Report shows the Southwest Phoenix warehouse/distribution inventory at
15.6 percent total vacancy and average total asking rents of $0.92 per-square-foot.
This compares to an overall Valley warehouse/distribution vacancy rate of 12.7
percent and average asking rents of $0.43 per-square-foot.
For a complete copy of the company’s news release, please
contact:
Stacey Hershauer
480.600.0195
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