White Star Portfolio Shines for Boston-Based Fund

In a market where it is becoming increasingly hard to find Class A, industrial buildings that are located near major thoroughfares, Realty Associates Fund X, LP managed to close on a portfolio consisting of nine such industrial assets.

By Liviu Oltean, Associate Editor

In a market where Class A industrial buildings near major thoroughfares are often hard to find, Realty Associates Fund X L.P. has acquired not just one top-quality asset, but a portfolio of nine.

White Star Corporate Center

Sponsored by Boston-based TA Realty, the fund paid $42.2 million for the properties, known collectively as the White Star Portfolio. Totaling more than 460,000 square feet, the assets are located near Phoenix Sky Harbor International Airport and interstate highways.

JLL announced the transaction on behalf of the seller, White Star L.L.C.

“There is a limited supply of institutional-quality industrial product, so investors are aggressively chasing properties that provide barriers to entry, flexibility and are located along major transit routes,” said JLL Managing Director Mark Detmer in a statement. “This portfolio features high-quality buildings with credit tenants, further driving the properties’ value.”

The portfolio includes the White Star Corporate Center, located at 2110 –2140 S. 7th Ave.; Baseline Foothills, located at 4401 –4409 E. Baseline Rd.; and the industrial buildings at 3710 E. University Drive and 2501 W. Phelps Rd.