Phoenix Industrial Asset Reaches Full Occupancy
- Oct 19, 2017
Colony NorthStar recently acquired a two-building Phoenix portfolio for $18.7 million—Reywest Commerce Center and Reywest Industrial Park. The properties are located at 3602 and 3555 W. Washington St., respectively.
At the time, the properties were 46 percent occupied. JLL’s Phoenix office completed a final lease, bringing both to full occupancy. The two firms have an ongoing relationship: JLL brokered the sale of another Phoenix industrial portfolio, for $39 million, earlier this year.
Growing industrial market
The new tenants are InVue, a retail security developer and distributor, and Aquafil, a fabric manufacturer. InVue plans to move by the end of the year into the new 58,306-square-foot space within Reywest Commerce Center. Across the street, Aquafil will occupy 116,890 square feet at Reywest Industrial Park. Other tenants of NorthStar’s buildings include Del Monte Fresh and Hadrian.
“Each of these deals is a reflection of our rising Phoenix industrial market, where vacancy rates are at a ten-year low and absorption is on pace to reach an all-time high. The combination makes the Colony NorthStar portfolio an absolute home run for both the owner and its new tenants,” said Riley Gilbert, vice president at JLL’s Phoenix office, in a prepared statement. Together with Managing Directors Anthony Lyndon and Marc Hertzberg, the team worked on behalf of Colony NorthStar in both leases.
Image courtesy of JLL