JLL Capital Markets has completed the $48.5 million sale of Southwest Industrial Center, located at 7775 West Buckeye Road in Phoenix, Arizona, on behalf of Houston-based global real estate investor, Hines, who retained ownership of the adjacent development site which was not part of the sale. The buyer was Los Angeles-based CBRE Global Investors Acquisitions, LLC.
Managing Directors Bo Mills and Mark Detmer, and Vice President Ryan Sitov of JLL’s Industrial Capital Markets platform, along with Phoenix-based Managing Directors Marc Hertzberg and Anthony Lydon, represented the seller.
“Southwest Industrial Center is located in one of the largest and most sought-after industrial markets in the West, and offers stable in-place income as well as an immediate upside through further lease up of the existing vacant space,” said Mills.
Southwest Industrial Center is a 32-foot clear height, Class A cross-dock distribution building constructed in 2015 and totals 684,420 square feet.
JLL 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 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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