JLL Arranges Sale, Loan for Phoenix Industrial Asset
- Aug 31, 2020
JLL Capital Markets has brokered the $7.8 million sale of a 141,000-square-foot industrial property in Tempe, Ariz. Managing Director Brian Ackerman assisted the buyer, Arizona Custom Blends, and Director Carl Beardsley secured a fixed-rate, $11.8 million acquisition and development loan from a national bank. Triumph Manufacturing sold the asset, according to Yardi Matrix.
Located on 8 acres at 2130 S. Industrial Park Ave., the property was completed in 1996. The warehouse has a 5 percent office component, six grade-level and five dock-high doors. The new owner will execute a capital improvement plan on the facility, which includes replacing the roof and the cooling system and renovating the office space. The site is 2 miles from Interstate 10 and roughly 4 miles from Phoenix Sky Harbor International Airport.
Arizona Custom Blends was interested in this property because of its central location and access to major thoroughfares, according to JLL’s Ackerman. The purchase and the planned upgrades will allow the firm to continue to expand its operations. The company blends, packages and encapsulates nutraceuticals in an NSF-certified cGMP powder manufacturing plant.
Earlier this month, JLL completed the $46.2 million sale of a two-property portfolio encompassing 223,249 square feet of office space in Scottsdale, Ariz. The company represented the seller, Equus Capital Partners.