PHOENIX—Vacancy rates among Phoenix's industrial product continue to fall, and with the ability to offer plenty of day trips to major distribution centers, investors are pursuing the market's industrial portfolios.
On behalf of White Star, LLC, JLL's capital markets experts today announced the firm has closed the sale of the White Star Portfolio, which consists of nine industrial buildings near Phoenix Sky Harbor International Airport and the city's interstate highway systems. The Realty Associates Fund X, L.P. purchased the portfolio for $42.2 million.
Managing directors Mark Detmer and Bo Mills led the JLL team on the transaction.
“There is a limited supply of institutional-quality industrial product, so investors are aggressively chasing properties that provide barriers to entry, flexibility and are located along major transit routes,” says Detmer. “This portfolio features high quality buildings with credit tenants, further driving the properties' value.”
The White Star Portfolio totals 460,669 square feet of multi-tenant industrial space. The institutionally maintained and managed properties are located near Phoenix Sky Harbor International Airport and the city's interstate highway systems, specifically at: White Star Corporate Center (2110 – 2140, S. 7th Ave., Phoenix); Baseline Foothills (4401 – 4409 E. Baseline Rd., Phoenix); 3710 E. University Dr., Phoenix; 2501 W. Phelps Rd., Phoenix.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
