Two-State Industrial Portfolio Commands $40M
- Dec 28, 2017
Artis REIT has acquired a nine-building industrial portfolio in Colorado and Arizona, from BPP Pacific, for $40 million.
The 379,487-square-foot portfolio is spread out across three industrial parks— Rocky Mountain Business Center, located in Aurora, Colo.; and Roosevelt Commons and Superstition Springs in Tempe and Mesa, Ariz., respectively.
JLL’s capital markets team represented the seller in the transaction.
“The sale of this portfolio reinforces the strength of these markets, especially in Denver where high-level investor interest was piqued by exceptional fundamentals and a choice asset,” Carm Hicks, JLL’s vice president, Denver, said in a prepared release. “Our clients had solid buyer choices, which was evident in the amount of tours and requests for market intel.”
Joining Hicks on the deal were Managing Directors Mark Detmer and Bo Mills; Vice President Ryan Sitov; Executive Vice Presidents Pat Harlan and Steve Sayre in Phoenix; and Managing Director Mitch Zatz in Denver.
“This was an excellent opportunity to purchase institutional quality assets that are well-located throughout the Western U.S.,” Detmer said.
At the time of the sale, the portfolio was 92 percent leased to 17 different tenants across a diverse range of industries.
Industrial Looking Strong
According to JLL’s latest industrial analysis, low vacancy rates and high demand for warehouse space are creating ideal conditions for the sector in 2018. In fact, Craig Meyer, JLL’s president of industrial growth, Americas, said e-commerce activity is driving the industrial sector’s success and the demand for industrial space is expected to increase in 2018.
Several big industrial deals have taken shape lately, including Duke Realty Corp.’s acquisition of 10 industrial properties in Southern California, Northern New Jersey and South Florida, from Bridge Development for $700 million; and Pure Industrial Real Estate Trust acquiring two Fort Worth, Texas, industrial facilities for $109.5 million.
Image courtesy of JLL