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| Phoenix Logistics Center, Phoenix, AZ |
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| Bo Mills |
PHOENIX, AZ – Strong
market performance and continued confidence in Phoenix’s industrial market
future has spurred the $18.4 million sale of Phoenix Logistics Center – sold this week by the Phoenix office of
JLL on behalf of a joint venture between Overton Moore Properties and PCCP LLC,
and acquired by Colony Northstar.
JLL Managing Directors Bo Mills and Mark Detmer, and Vice President Ryan Sitov represented the property sellers.
“The Phoenix Logistics
portfolio represents a quality multi-tenant industrial asset that is difficult
to replicate in today’s market,” said Jason
Hines, Vice President of Overton Moore Properties. “We are pleased with the
sale and the overall execution of our value-add strategy in the Phoenix
industrial market.”
“Phoenix Logistics Center
is institutionally maintained, with an extremely strong credit tenancy and the
potential to add value through the development of two acres of excess land,”
said Mills. “It is an exceptional opportunity that brings together all of the attributes
that an investor looks for when seeking a Class A industrial asset.”
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| Mark Detmer |
Phoenix Logistics Center
totals 245,890 square feet in two buildings located at 420 S. 53rd Ave. and
1002 S. 56th Ave. in Phoenix’s Southwest submarket.
Both buildings have been
recently refurbished with $1.75 million in capital improvements, including new
roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing
upgrades.
The buildings sit on 13.8 acres, including two acres of excess land
that can be developed, paved or used to expand the 53rd Avenue building.
Each building can
accommodate single- and multi-tenant configurations, with dock-high and
grade-level loading, and 24’ to 30’ clear heights. The portfolio is currently
91.3 percent leased to five quality tenants, including long-term anchor tenant
Blue Line Foodservice Distribution, a division of Little Caesar Enterprises.
Phoenix Logistics Center
is located 1.9 miles from the Loop 101 and 2.3 miles from I-10, offering direct
access to all points in metro Phoenix, as well as key distribution routes to
California, the Southwest and beyond.
According to JLL,
industrial vacancy rates in Southwest Phoenix have declined from 20.4 percent
in 2009 to 11.4 percent as of year-end 2016. Asking rental rates have increased
an average of 4.5 percent every year since 2011. These factors, combined with
robust population growth, employment growth and housing recover, have increased
demand for available space across the local industrial market.
For a complete copy of the
company’s news release, please contact:
Stacey Hershauer
Phone:
+1 480 600 0195
Email:
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