PHOENIX—The Phoenix office of JLL has completed the $9 million sale of 5^th Street Industrial, a 110,000-square-foot industrial building at 3405-3445 S. 5^th St. 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,” says 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.”