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| Distribution facility, Tempe, AZ |
PHOENIX,
AZ, Sept. 9, 2019 – Demand for last-mile facilities has garnered the Phoenix office of JLL a $16.20 million sale price
($127 price-per-square-foot) for a Tempe, Arizona infill industrial building
that is fully leased by the world’s largest express transportation company.
 |
| Tivon Moffitt |
Located
at 8210 S. Hardy Dr. – less than one mile east of Interstate 10 – the
128,000-square-foot building was constructed in the late 1990s as a
built-to-suit project. It has remained 100 percent occupied by the same company
since delivery.
“Strategic
importance as a last-mile facility, combined with recent building improvements,
historical occupancy and a prime infill location were all significant drivers
for the economics of this transaction,” said Moffitt.
“Last
mile facilities remain in high demand,” added Bauman. “We continue to see cap
rate compression for functional real estate, strong credit and long-term
leases.”
 |
| Peter Bauman |
According
to JLL, strong and steady absorption has dropped the Valley’s industrial
vacancy rate to a 10-year low of 6.7 percent.
The Southeast Valley led that
absorption during the second quarter as demand continues to rise for supply
chain and e-commerce facilities.
“Data
supports what we see on the ground, which is that the overall Phoenix
industrial market continues to see strong absorption and rapid rent growth,”
said Larsen. “That is especially true for in-demand markets like the Southeast
Valley and infill locations like this Tempe facility.”
About
JLL
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.
 |
| Steve Larsen |
In doing so, we will build a better tomorrow for our clients, our
people and our communities.
JLL is a Fortune 500 company with annual
revenue of $16.3 billion, operations in over 80 countries and a global
workforce of nearly 92,000 as of June 30, 2019.
JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a
market leader employing more than 590 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 2018, the Phoenix team completed 75.3 million square
feet in lease and sale transactions valued at $2.2 billion, directed $120
million in project management and currently manages a 32.4 million-square-foot
portfolio. For more news, videos and research resources on JLL, please
visit www.jll.com.
Contact:
Stacey
Hershauer
Phone: +1 480
600 0195
Email: stacey@focusaz.com
