Harrison Development Buys AZ Distribution Center for $14M
- Nov 01, 2017
Phoenix-based Harrison Development acquired an industrial property in Casa Grande, Ariz. The asset is a distribution center previously owned by Clarion Partners, represented in the deal by JLL Managing Directors Mark Detmer and Bo Mills, Executive Vice President Pat Harlan and Vice President Ryan Sitov. The building changed hands for $13.6 million. The two companies have recently collaborated, with JLL tapped to lease Clarion’s suburban Philadelphia office earlier this year.
The 581,038-square-foot facility represents a value-add investment for the new owner. At 63 percent current occupancy, there are 379,972 square feet available for leasing, divisible to 75,725 square feet. The Class A building is currently occupied by Kuehne + Nagel, a freight forwarding and logistics company, Republic Plastics, a plastic manufacturer, and Mid-States Services, a company which provides products and services for the correctional industry.
“Central Arizona Distribution Center is one of the area’s stand-out buildings, encompassing each of these benefits, as well as the opportunity to purchase a Class A building below replacement cost and improve cash flow through the lease-up of the remaining vacancy,” said JLL Managing Director Mark Detmer, in a prepared statement.
Central Arizona Distribution Center is located at 2592 Hanna Road in Casa Grande, Ariz., at the interchange of interstates 10 and 8. The site features 30-foot clear height, 65-foot concrete aprons, 52 x 46 feet column spacing and truck maneuverability of 140 feet West and 200 feet East. The access to Phoenix’s transportation infrastructure puts several major cities within reach. Phoenix is 50 minutes away, Tucson, Ariz., an hour’s drive away, while others such as San Diego, Las Vegas or El Paso, Texas, can be reached in six hours.
Image courtesy of JLL