Casa Grande upside spurs $13.6M JLL industrial market deal
Value-add potential within the Casa Grande industrial market has spurred the $13.6 million sale of Central Arizona Distribution Center by the Phoenix office of JLL. The 581,038-square-foot building is 63 percent leased to three tenants, with additional vacant space providing upside potential in an active Casa Grande industrial market.
JLL Managing Directors Mark Detmer and Bo Mills, Executive Vice President Pat Harlan and Vice President Ryan Sitov represented the building seller, Clarion Partners. The property buyer is Harrison Development L.L.C.
“Casa Grande’s location and low cost of doing business are benefits that appeal to a wide variety of industrial users – from logistics to manufacturing to distribution,” said Detmer. “Central Arizona Distribution Center is one of the area’s stand-out buildings, encompassing each of these benefits, as well as the opportunity to purchase a Class A building below replacement cost and improve cash flow through the lease-up of the remaining vacancy.”
Central Arizona Distribution Center is located at 2592 E. Hanna Road in Casa Grande, Arizona. It is 63 percent occupied by three tenants: freight forwarding and logistics company Kuehne + Nagel, leading plastics manufacturer Republic Plastics, and Mid-States Services, which provides products and services tailored to the correctional industry.
The project offers high visibility along Arizona State Route 87 and immediate access to Phoenix’s transportation infrastructure via Interstate 10 and Interstate 8. Building features include 30’ clear height, dock high loading and a functional design able to accommodate single or multi-tenant configurations.