Walton Street Capital JV Buys Metro Phoenix Industrial Asset

JLL Executive Vice President Steve Larsen represented the partnership in the off-market transaction.
2550 North Nevada Street
2550 N. Nevada St.

A joint venture between Walton Street Capital and Greenlaw Partners has purchased a 164,486-square-foot industrial building in Chandler, Ariz. Globe Corp. sold the Class B asset in an off-market transaction. JLL represented the buyer in the deal.

The property last changed hands in 2012, when Globe Corp. acquired it for $7.6 million from Milgard Windows & Doors, according to Yardi Matrix data. Completed in 2005 on a 16.5-acre site, the two-story facility is situated at 2550 N. Nevada St. Up until the sale, the property had been leased to IO Data/Baselayer.

The climate-controlled building features nearly 25,000 square feet of office space. Amenities include 30-foot clear height, 20 loading dock positions and six grade-level doors. The warehouse is some 20 miles southeast of downtown Phoenix near Arizona Avenue, with easy access to freeways 101 and 202. The location enables tenants to reach more than 500,000 residents within a 15-minute drive, according to JLL.

Executive Vice President Steve Larsen led the JLL team that negotiated on behalf of the joint venture. In September 2019, Larsen was instrumental in the $16.2 million sale of a 128,000-square-foot warehouse in Tempe, Ariz.