 |
| Rendering of 5th Street Industrial building, 3405--3445 5th Street, Phoenix, AZ |
 |
| Mark Detmer |
PHOENIX, AZ – The Phoenix office of JLL has completed the $9
million sale of 5th Street Industrial, a 110,000-square-foot industrial
building at 3405-3445 S. 5th Street in Phoenix.
The deal bolsters the rapid recovery of Phoenix industrial
space in the 50,000 – 150,000-square-foot range, as highlighted in the first
quarter Phoenix Industrial Report released last week by JLL’s local research
team.
JLL Managing Directors Mark Detmer and Bo Mills
were the industrial capital markets brokers involved with the sale between the
property seller, Clarion Partners, and the property buyer, DCT Industrial
Trust.
JLL Executive Vice Presidents Pat Harlan and Steve
Sayre, and Associate Kyle Westfall, are the project’s local market
leasing brokers.
“This size and type of Phoenix industrial space is
definitely outperforming the larger blocks of space in the local industrial
sector,” said Detmer. “That is not to say that other blocks of space haven’t
entered the recovery cycle. They just haven’t done so at this same rapid clip.”
 |
| Bo Mills |
“The 5th Street Industrial asset is irreplaceable for a
number of reasons,” said Sayre. “It has an excellent location west of the I-10
in the heart of the Airport submarket.
" It is fully leased to a long-term credit
tenant, and it was priced at a point that allows the new owner, DCT Industrial
Trust, to take advantage of some strong investment upside potential. This is a
compelling combination.”
According to JLL’s most recent research report, Phoenix’s Q1
industrial absorption—totalling 829,777 square feet—was driven primarily by
users in the 50,000 – 150,000-square-foot range. Leasing activity among this
user type has increased in lockstep with the recovering economy.
Built in 1986, 5th Street Industrial includes 26-foot clear
height, grade- and dock-level loading, and A-2 zoning on 6.55 acres.
“DCT is pleased to add 5th Street to our Phoenix portfolio,
a 100 percent occupied building with a credit tenant,” said Mark Bowen,
Regional Vice President at DCT Industrial.
 |
| Steve Sayre |
“This acquisition demonstrates DCT’s focus on continually
upgrading our portfolio in our focus markets, with the acquisition of Class-A
buildings in highly desirable submarkets.”
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
For a complete
copy of the company’s news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
No comments:
Post a Comment