June 13, 2013

Peter Madrid

Jones Lang LaSalle Closes Sale Of Buckeye Logistics Center For $44.3M


Months after joining Jones Lang LaSalle’s Capital Markets group, the veteran broker team of Managing Directors Mark Detmer and Bo Mills has completed the $44.3M sale of Buckeye Logistics Center, a two-building institutional-quality industrial project in the sought-after Southwest Phoenix submarket.

Detmer and Mills represented both the seller, Principal Real Estate Investors, and the buyer, IIT Acquisitions LLC. As the project’s exclusive leasing brokers, Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall brought the property from zero to 100 percent leased and well-positioned for sale.

“This is hands down one of the best institutional-quality projects sold in Phoenix this year,” Detmer said. “It is fully leased to five strong credit tenants, has been institutionally owned and maintained since its delivery to the market, and sits at a high profile location. These features — along with the submarket’s rapid absorption rate and the property’s tremendous upside potential through rent growth — create a scenario that’s extremely hard to replicate.”

Built in 2008, Buckeye Logistics Center totals 684,064 SF at 6825 and 6913 W. Buckeye Rd. The 6825 building totals 380,569 SF on 14 acres and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less.

The 6913 building totals 303,495 SF on 17 acres and is fully leased to Philosophy and Kellogg. Both buildings offer state-of-the-art distribution features including 32-foot clear, trailer storage and cross dock loading.

Located directly on Buckeye Road in Phoenix, Buckeye Logistics Center is minutes from Interstates 10 and 17, the 101 freeway, and Sky Harbor International Airport. The property is also within a six-hour drive to the Ports of Los Angeles and Long Beach. It is situated within Southwest Phoenix, which is home to more than 25% of the entire Phoenix industrial market inventory.

“These are the kind of fundamentals that hit the high points of an investor’s checklist,”  Mills said. “They make for long-term viability that is unrivalled in any other part of the Valley.”