JLL brokers $40M sale of Arizona, Colorado industrial portfolio
JLL brokered the sale of the Western U.S. Industrial Multi-Tenant Portfolio on behalf of the seller, BPP Pacific, which sold the nine building portfolio for $40 million to Artis REIT
The portfolio totals 379,487 square feet and includes three industrial parks: Rocky Mountain Business Center located in Aurora, Colorado, and Roosevelt Commons and Superstition Springs in Mesa and Tempe, Arizona, respectively.
Managing Directors Mark Detmer, Bo Mills and Vice President Ryan Sitov led the JLL team on the sale with local market support from Executive Vice Presidents Pat Harlan and Steve Sayre in Phoenix, and Managing Director Mitch Zatz and Vice President Carm Hicks in Denver.
“This was an excellent opportunity to purchase institutional quality assets that are well-located throughout the Western United States,” said Detmer.
“The sale of this portfolio reinforces the strength of these markets, especially in Denver where high-level investor interest was piqued by exceptional fundamentals and a choice asset,” said Hicks. “Our clients had solid buyer choices, which was evident in the amount of tours and requests for market intel.”
The portfolio is currently 92-percent leased to 17 different tenants across a diverse range of industries.
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 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.