Tag Archives: DCT Industrial Trust

TempeWarehousePortfolio_BCL, WEB

DCT Industrial Trust acquires Tempe portfolio

Cassidy Turley announced that DCT Industrial Trust has acquired a three property warehouse portfolio from a Chicago-based global investment manager for $26.44 million.

 

Located in Tempe, the 355,371 SF portfolio includes: Roosevelt Center, 2405 and 2415 S. Roosevelt Street; Parkland Center, 7245 and 7307 S. Harl Ave.; and Wilson Center, 2636 South Wilson Street for $26.44 million ($74.42 per square foot).

 

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the buyer and the seller.

“The portfolio represented an opportunity to acquire traditional warehouse product in the well-established Tempe market from a long-term owner and stable occupancy” said Mr. Buckley.

Roosevelt and Wilson Centers consist of three high-quality warehouse/manufacturing buildings totaling 292,605 square feet in one of Tempe’s best locations, the Broadway Industrial Park. Parkland Center consists of two multi-tenant industrial buildings totaling 62,766 square feet in the highly desired south Tempe submarket. The warehouse portfolio was 98%% leased at the time of sale. DCT Industrial Trust plans to hold and continue to lease up the property.

 

 

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.