JLL Arranges $39M Sale of Phoenix Industrial Portfolio
- Jul 19, 2017
JLL’s Capital Markets has brokered the sale of the I-10 Distribution Portfolio in Phoenix. Colony Northstar paid DCT Industrial $39 million for the portfolio, which encompasses two institutional grade warehouses totaling 558,465 square feet.
Flexible Industrial Space
Located at the nexus of 101 N. 103rd Ave. and 101 N. 104th Ave., the assets comprise 279,186 square feet and 279,279 square feet, respectively. Both buildings offer flexible space with cross-dock capabilities and the ability to accommodate single and multi-tenant layouts.
JLL’s Managing Directors Bo Mills and Mark Detmer, along with Vice President Ryan Sitov led the team that brokered the sale on behalf of DCT Industrial.
“Phoenix is one of the best bets for industrial product right now. The demand is high, and fully leased, well-maintained buildings such as these often stoke a competitive bidding process,” Mills said in prepared remarks. “We have seen the Southwest Phoenix area’s vacancy dip from about 20 percent in 2009 to nearly 10 percent at the end of 2016. This is a trend we think will continue as Phoenix serves as the Southwest’s logistics hub, Demeter added in a prepared statement.
Image courtesy of JLL