JLL Brokers $18M Sale of Phoenix Industrial Asset
Continued confidence in the local industrial market has prompted Colony Northstar’s acquisition of Phoenix Logistics Center from Overton Moore Properties and PCCP LLC.
By Evelina Croitoru
The Phoenix office of JLL arranged the $18.4 million sale of Phoenix Logistics Center. Colony Northstar purchased the property from a joint venture between Overton Moore Properties and PCCP LLC.
Located at 420 S. 53rd Ave. and 1002 S. 56th Ave., in Phoenix’s Southwest submarket, the center totals 245,890 square feet across two buildings. Both properties have been recently refurbished with $1.8 million in capital improvements, which included new roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing upgrades. Each facility can accommodate single- and multi-tenant configurations with dock-high and grade-level loading and 24- to 30-foot clear heights. The center sits on a 13.8-acre parcel that includes two acres of vacant land that can be developed, paved or used to expand the 53rd Avenue building.
Strong market performance
At the time of the deal, the property was 91.3 percent occupied by five different clients, including Blue Line Foodservice Distribution, a division of Little Caesar Enterprises. Phoenix Logistics Center is located roughly two miles from Loop 101 and I-10, which offer direct access to all points in metro Phoenix, as well as highly trafficked routes to California and the Southwest.
JLL’s Managing Directors Bo Mills and Mark Detmer, along with Vice President Ryan Sitov, closed the deal on behalf of the seller.
Images courtesy of Yardi Matrix
