JLL Brokers Sale of Arizona Last-Mile Facility
- Sep 12, 2019
JLL has arranged the sale of a 128,000-square-foot last-mile warehouse in Tempe, Ariz., for $16.2 million. The firm’s Senior Vice Presidents Tivon Moffitt and Peter Bauman and Executive Vice President Steve Larsen represented the seller, MRM Capital, in the transaction. The buyer was an out-of-state, 1031 exchange partnership.
Located at 8210 S. Hardy Drive, the facility is near Interstate 10, around 7 miles from downtown Tempe and within 14 miles of downtown Phoenix. Additionally, the warehouse is close to retailers such as Ikea, Costco Wholesale and The Dump Furniture Outlet.
Constructed in 1997, the one-building, built-to-suit facility occupies more than 8 acres and features cross docks, dock leveler, dock bumpers, grade level and truck well loading doors and a truck court. The warehouse has been fully occupied by FedEx since its completion.
According to JLL, strong and steady absorption in the Valley led to the lowest vacancy rate (6.7 percent) in 10 years. The firm’s latest industrial deals include a leasing transaction arranged on behalf of the landlord, Prologis, for a 217,258-square-foot space in the Inland Empire.
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