Tag Archives: bo mills

7200 West Buckeye Rd, JLL

JLL Brokers $26.25M Deal of Industrial Property

Phoenix industrial absorption rates may have hiccupped mid year, but investors are not deterred, as illustrated by the sale of 7200 W. Buckeye Rd. in southwest Phoenix. Jones Lang LaSalle’s Capital Markets experts facilitated the sale on behalf of the owner this week. 7200 West Buckeye Road Industrial Investors, LLC purchased the 400,000 SF industrial property for $26.25M.

Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills represented the buyer and the seller.

Located on Buckeye Road within minutes of Interstate 10, 7200 Buckeye Road is 100 percent leased through 2017 to national credit tenant, Home Depot U.S.A., Inc. The building was built in 2009 and includes state-of-the-art features such as 32’ clear height, ESFR sprinklers, cross dock loading, concrete truck courts and trailer storage.

“This industrial project competes toe-to-toe with the best assets in the Valley,” said Detmer. “As our industrial market continues to strengthen, this property—like so many others in Phoenix—will deliver on its upside potential through rent growth, tenant retention and steadily rising values.”

According to JLL research, industrial vacancy levels in southwest Phoenix are almost 10 percent lower than they were two years ago, with more than 10 MSF of requirements still actively touring the market for space. As of September, the firm’s quarterly Phoenix Industrial Market Report shows the southwest Phoenix warehouse/distribution inventory at 15.6 percent total vacancy and average total asking rents of $0.92 per-square-foot. This compares to an overall Valley warehouse/distribution vacancy rate of 12.7 percent and average asking rents of $0.43 per-square-foot.

Broadway Ind Portfolio

Jones Lang LaSalle Closes $22 Million Portfolio Sale

Capital Markets experts in the Phoenix office of Jones Lang LaSalle (JLL) have completed a $22.1 million sale of Broadway Industrial Portfolio, totalling three Class A buildings and 308,038 square feet in Tempe, Ariz. The deal is JLL’s second investment sale in the area this quarter, accentuating the strength and draw of the submarket’s commercial real estate inventory.

Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills represented the property seller, San Francisco-based Prologis, Inc. The buyer is DCT Industrial Trust.

Broadway Industrial Portfolio encompasses an 110,000-square-foot building at 1005 W. Alameda Dr; a 96,437-square-foot building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S. Roosevelt St., all in Tempe. Each building is a Class A, institutional quality asset offering manufacturing, distribution and office space. The properties are also all located directly off of Interstate 10 and fully occupied, with no near-term rollover, to tenants including United Stationers Supply Co., ACI Plastics, Inc., Misty Mate, Inc. and Triumph Group, Inc.

“These buildings are exceptional in that they combine outstanding functionality and full occupancy with a true Class A image in an infill location,” said Detmer. “This includes access—within minutes—to many of the key amenities that a high-end industrial user might need: an extensive freeway network, international airport, deep labor pool and host of retail opportunities.”

In addition, the project is located within the Southeast Valley, an area that over the last decade has remained one of the nation’s fastest growing regions for industrial and technology companies, and according to JLL is well situated for long-term stability.

Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall, will serve as the exclusive leasing brokers for the property buyer on behalf of DCT Industrial Trust.

This is the second investment sale closed by JLL in the Tempe submarket this quarter. In July, the firm completed a $27.1 million sale of Broadway 101 Office Park, a deal that was driven by high market demand and fundamentals reminiscent of pre-recession transactions.

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

Bo Mills & Mark Detmer

Jones Lang LaSalle Adds Bo Mills and Mark Detmer to Bolster its West Coast Industrial Efforts

National investment sales experts Bo Mills and Mark Detmer are joining Jones Lang LaSalle to lead its West Coast practice.

In response to increased client demand for broader expertise in the industrial sector, JLL’s Capital Markets made the move. Mills and Detmer joined the firm as managing directors and will partner with JLL’s industrial capital markets leader, John Huguenard, to help grow the firm’s industrial capital markets presence throughout the West Coast.

Mills and Detmer won the 2012 RED Award for Brokerage Team of the Year-Leasing with Cushman & Wakefield. They are finalists for the 2013 RED Awards

In addition, the firm has also hired two industrial brokerage experts in Phoenix. Pat Harlan and Steve Sayre are joining JLL as executive vice presidents to partner with market-leading managing directors Tony Lydon, Marc Hertzberg and Bill Honsaker to expand the firm’s leasing expertise in that city.

“Over the past several years, we’ve been committed to growing a strong and vibrant Industrial Capital Markets practice and we’ve achieved considerable success,”  Huguenard. “Clients have been clamoring for deep market knowledge on the West Coast as well, and bringing Bo and Mark on board allows us to provide the best-in-class leadership they’ve come to expect from JLL.

“Bo and Mark have long been recognized as two of the nation’s leading industrial experts and we are confident their deep client contacts will significantly drive our business growth in this critical part of the country.”

Detmer, who will be based in Phoenix, brings more than 18 years of expertise to the team, specializing in all facets of industrial real estate. He has completed more than 1,000 transactions, totalling more than 25 MSF of property.

He is a member of the Society of Industrial and Office Realtors (SIOR), a Certified Commercial Investment Member (CCIM) and a member of the Urban Land Institute (ULI). He is also active in  NAIOP, serving as the Phoenix 2011 Chairman of Night at the Fights for the third consecutive year and the current Associate Member of the Year for the Arizona Chapter of the organization.

Mills, who will be based in Los Angeles, has more than 17 years of experience, specializing in all facets of industrial real estate including acquisitions, developments, leasing and sales. He has completed more than 1,000 transactions during his career, totalling more than 25 MSF of property.

He is a member of SIOR, CCIM, ULI and also serves on the Board of Directors of  NAIOP.

“We look forward to seeing great results for our clients through the combination of this team’s knowledge and capability, and the resources of JLL’s global platform,” said Peter Belisle, JLL’s Southwest Market Director. “Los Angeles, and in particular the Inland Empire, is considered the hotbed of the country for industrial acquisitions and the site where investors most wish to expand.

“Having a leader like Bo on the ground in this market gives us a huge advantage and offers our clients expertise in every facet of the industrial spectrum; while Mark’s long-standing client relationships in Phoenix will continue to strengthen our stature there.”

Harlan brings more than 15 years of experience to the team, representing owners and tenants in sales, leasing and master-planned developments of industrial product. He is a member of NAIOP, Council of Supply Chain Management and ULI.

Sayre has more than 17 years of experience in the industrial sector, also representing owners and tenants in sales, leasing and master-planned developments. He is a member of NAIOP and CCIM.

“Pat and Steve are known as one of the city’s top industrial leasing teams, regularly facilitating significant industrial lease transactions year after year. Adding this level of capability and strength will give us the most comprehensive industrial expertise in the region, from logistics, agency leasing and tenant representation all the way to the buying and selling of properties and land services,” said Craig Meyer, Executive Managing Director and leader of JLL’s Industrial and Logistics Americas.

This team complements the recent hires of Harvey Beeson, Luke Staubitz and Andrew Difler to the Los Angeles industrial team earlier this month. Beeson and Staubitz specifically focus on the South Bay submarket and will partner with the new team to provide a holistic industrial and logistic perspective to the region.

 

red-awards-2012

2012 RED Awards: Winners & Honorable Mentions

Kitchell, DAVIS and Banner Health captured top honors Thursday night as Arizona Commercial Real Estate Magazine held the 7th Annual, 2012 RED Awards (Real Estate and Development) to recognize the biggest, best and most notable commercial real estate projects and transactions of 2011.

The event drew more than 400 CRE professionals to the Arizona Biltmore as winners and honorable mentions were selected from a record 116 nominations received in 12 project categories and individual and team broker categories.

Kitchell was named General Contractor of the Year; DAVIS was Architect of the Year; and Banner Health won Developer of the Year.

2012 RED Awards category winners:

Best Education Project: Grand Canyon University Arena; Best Hospitality Project: Westin Downtown Phoenix; Best Industrial Project: Dunn-Edwards Phoenix; Best Healthcare Project: Phoenix Children’s Hospital; Best Multi-Family Project: Devine Legacy on Central; Best Office Project: Fountainhead Office Plaza; Best Public Project: Virginia G. Piper Sports & Fitness Center for Persons with Disabilities; Best Redevelopment Project: Adelante Healthcare Surprise; Best Retail Project: iPic Theater/Tanzy/Salt; Most Challenging Project: Salt River Fields at Talking Stick; Most Sustainable Project: DPR Construction Phoenix Headquarters; and Best Tenant Improvement Project: Limelight Networks.

Merit Award winners were OASIS Hospital (Healthcare) and P.L. Julian Elementary School (Education).

Broker of the Year honors went to Jay Hoselton, Cushman & Wakefield, Individual Leasing; Ken Elmer, Commercial Properties Inc., Individual Sales; Bo Mills and Mark Detmer, Cushman & Wakefield, Team Leasing; and Tyler Anderson and Sean Cunningham, CBRE, Team Sales.

2012 RED Awards honorable mentions:

Education: NAU Health & Learning Center; Healthcare: Banner MD Anderson Cancer Center; Hospitality: Casino Del Sol Hotel Convention Center and Parking Structure Expansion; Industrial: Crescent Crown Distribution; Most Challenging: Arizona Science Center Phase III Remodification; Multi-Family: Phoenix Towers Terrace; Office: UniSource Energy Corporate Office; Public: Maricopa County Downtown Court Tower; Redevelopment: The Q Building at Paradise Valley Community College; Retail: American Sports Complex-Retail Center; Most Sustainable: Phoenix Children’s Hospital; and Tenant Improvement: Gap Fulfillment Center.


View photos from the 2012 RED Awards on our Facebook!


2012 winners can order Awards, Plaques & Reprints


red-awards-2012

RED Awards 2012: Brokerage Teams of the Year: Leasing & Sales, Cushman & Wakefield Leasing

On March 1, AZRE hosted the 7th Annual RED Awards reception at the Arizona Biltmore in Phoenix to recognize the most notable commercial real estate projects of 2011 and the construction teams involved. AZRE held an open call for nominations and a record 116 projects were submitted by architects, contractors, developers and brokerage firms in Arizona. This year, the winner for Brokerage Teams of the Year: Leasing & Sales was Cushman & Wakefield Leasing.


Brokerage Teams of the Year: Leasing & Sales

Cushman & Wakefield Leasing

The Team: Mark Detmer, Bo Mills
Lease Details: 64 transactions totaling 5.115 MSF
$112.7M in value
Largest transactions closed in 2011: 1.267 MSF, $49.9M, 10 years, confidential Internet retailer

Cushman & Wakefield LeasingMark Detmer and Bo Mills of Cushman & Wakefield Leasing completed the largest industrial lease in Arizona during 2011 at more than 1.2 MSF. Their lease is considered one of the largest industrial deals in the country in the past four years. Additionally, this team also closed the four largest leases in the Phoenix area since 2009. Aside from respected real estate brokers, Detmer and Mills are involved in several community organizations. Mills is the incoming president for SIOR Arizona and has been on the NAIOP Board of Directors since 2006. Detmer is a board member of CSCMP and a leading member of the C&W National Industrial Investments Board. Both support Phoenix Children’s Hospital, Boys & Girls Club and Tumaini, a Kenyan orphanage.

cushwake.com


Video by Cory Bergquist


RED Awards 2012 Winners & Finalists

AZRE Magazine March/April 2012

RED Awards banner 2010

Brokerage Team Of The Year For Sales 2010

Bo Mills, Cushman & Wakefield
Mark Detmer, Cushman & Wakefield, Brokerage Team of the Year for Sales 2010
Bo Mills
Mark Detmer

Cushman & Wakefield

THE TEAM:
• Bo Mills, Exec. Director
• Mark Detmer, Exec. Director

SALES DETAILS:
• 7 Sale Transactions
• Totaling 2.03 MSF
• $46.3M in Value

Bo Mills and Mark Detmer sold the 2 largest industrial buildings in Phoenix in 2009. Both were sold to corporations that will employ more than 600 new employees in the Phoenix market. Their largest single transaction that closed in 2009 was the largest industrial sale in Phoenix — the 101 Distribution Center, a 619,000 SF center in Glendale that sold for $17.4M. The team represented both sides of the deal between Conair Corp. and Heritage.

Mills and Detmer specialize in representing developers, institutional landlords and corporate tenants desiring to acquire, develop, lease and dispose of industrial real estate. AZRE March 2010 Front CoverThe two started their careers more than 14 years ago, and have completed more than 600 lease and sale transactions totaling more than 13 MSF of buildings and 2,500 acres of land valued in excess of $1.5B.

Both are members of the Society of Industrial and Office Realtors (SIOR) and are Certified Commercial Investment Members (CCIM). They are active in the local chapter of the National Association of Industrial and Office Properties (NAIOP), and each served as Chairman of Night at the Fights — Mills in 2002 and Detmer in 2008.

www.cushwake.com

AZRE Red Awards March 2010 | Previous: Brokerage Team – Leasing

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