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| Tempe Distribution Center, 6718 South Harl Avenue, Tempe, AZ |
PHOENIX, AZ – JLL’s
Capital Markets experts announced the sale of the fully leased Tempe
Distribution Center in Tempe, Arizona. The property, which totals 248,772
square feet in two buildings, sold to TA Realty LLC.
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| Mark Detmer |
Managing Directors Mark
Detmer and Bo Mills, and Vice President Ryan Sitov led the
JLL Capital Markets team on the sale. They worked with JLL Executive Vice
President Steve Sayre, who serves as the exclusive leasing broker for
the property seller, San Francisco-based Stockbridge Capital Group.
“Prime location and a
strong institutional management strategy has allowed Tempe Distribution Center
to attract and retain – and thrive with – a key group of long-term, ‘sticky’
tenants,” said Detmer.
“This has carved out a very strong position for the property,
in a market that has seen a 21 percent industrial rent growth in the last five
years, with no signs of slowing.”
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| Bo Mills |
Tempe Distribution
Center is located on 13 acres at 6718 S. Harl Ave. and 9230 S. Farmer Ave., in
the heart of the south Tempe industrial market. The 6718 building totals
149,755 square feet and is fully leased to Bunzl California and Canyon State
Box and Container. The 9230 building totals 99,017 and is fully leased to
Kovach LLC.
The project has more
than 1 million workers located within a 15 mile radius and is in close
proximity to several major transportation routes – minutes from a full diamond
interchange at Interstate 10, within minutes of the Loop 101 freeway and Sky
Harbor Airport, and less than sixteen miles from nearby rail yards.
Regionally,
the property is less than six hours from the Ports of Los Angeles and Long
Beach, and less than 12 hours from other western U.S. distribution hubs such as
San Francisco, Salt Lake City, Denver and Albuquerque.
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| Ryan Sitov |
According to JLL, the
overall Phoenix industrial vacancy rate sits at just 7.6 percent – its lowest
in a decade.
JLL (NYSE: JLL) is a
leading professional services firm that specializes in real estate and
investment management.
Our vision is to reimagine the world of real estate,
creating rewarding opportunities and amazing spaces where people can achieve
their ambitions.
In doing so, we will build a better tomorrow for our clients,
our people and our communities.
JLL is a Fortune 500 company with nearly
300 corporate offices, operations in over 80 countries and a global workforce
of 83,500 as of March 31, 2018. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated.
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| Steve Sayre |
In Phoenix, JLL is a
market leader employing more than 580 of the region’s most recognized
industry experts offering office, industrial, retail, healthcare and data
center brokerage, tenant representation, facility and investment management,
capital markets, multifamily investments and development services, and related
services within the real estate leasing, investment and management process.
In
2017, the Phoenix team completed 35.7 million square feet in lease and sale
transactions valued at $1.9 billion, directed $112 million in project
management and currently manages a 24.2 million-square-foot portfolio.
For more information,
please contact:
Stacey Hershauer
Phone: +1
480 600 0195
