JLL Income Property Trust Pays $62M for Phoenix Office Buildings
- Feb 12, 2020
JLL Income Property Trust has acquired a 300,000-square-foot two-building office portfolio at Fountainhead Corporate Park in Phoenix, for $61.5 million. In January, the company expanded its diverse $3.1 billion portfolio with the acquisition of a newly built 160,000-square-foot shopping center in Milford, Mass., which traded for approximately $42 million.
Completed in 1991 and 1995, the two Phoenix buildings are leased to a diverse tenant roster, which includes First American Title Co., State Farm Insurance and Coca Cola, among others. The weighted average lease term at the office park is more than five years. Both six-story assets were recently renovated in a capital improvement plan of more than $4.5 million. The plan included upgrades for the lobbies, common areas, elevators and the roofs of the buildings.
Located at 1620 and 1501 W. Fountainhead Parkway, just off Interstate 10, the properties are in the Tempe submarket and within 5 miles of Sky Harbor International Airport. The surrounding area has several retail and dining options, including Centerpoint on Mill shopping center, which is 3 miles from Fountainhead.