JLL Capital Markets announced today the $24.5 million sale of Farmer Industrial Center, a 93,903-square-foot, two-building industrial park strategically located at 9185 and 9245 South Farmer Avenue in Tempe, Arizona.
JLL represented the seller, ViaWest Group and Walton Street Capital, in the transaction. Speed Bay acquired the asset.
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The property sits within the highly coveted infill industrial submarket of Tempe, offering exceptional connectivity with proximity to Interstate 10 just four minutes away and Loop 101 within seven minutes, providing convenient access to multiple major transportation arteries including Loop 202, US 60 and Sky Harbor International Airport.
The property features a 20-foot clear height, six dock-high and 13 grade-level doors, with additional capacity through two punch-outs, wet-pipe sprinkler systems and ample parking at 2.63 spaces per 1,000 square feet.
Currently 94.1% leased to seven tenants across diverse industries including aerospace, third-party logistics, home improvement services and electrical testing, the property provides a stable and balanced income stream with staggered rollover.
“This transaction reflects the strength of well-located, infill industrial assets in Tempe and the disciplined execution of our asset management strategy,” said Todd Weiss, Chief Operating Officer at ViaWest Group. “Farmer Industrial Center benefits from strong tenant demand and limited new supply in the submarket, positioning the asset for continued success for the foreseeable future.”
The JLL Capital Markets team was led by Senior Managing Director Ben Geelan, Senior Director Greer Oliver, Associate Bryce Beecher and Analyst Gigi Martin.
“Farmer Industrial Center represented an exceptional opportunity for investors seeking cash-flowing industrial assets with significant upside potential in one of the fastest-growing metros in the country,” said Geelan. “With in-place rents below market and a short-term weighted average lease term, this property is perfectly positioned for value enhancement through near-term mark-to-market leasing in Tempe’s disciplined development environment.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
