JLL Capital Markets today announced the firm completed the sale of the I-10 Distribution Portfolio in Phoenix on behalf of DCT Industrial. Colony Northstar purchased the portfolio, which consists of two institutional grade warehouses totaling 558,465 square feet, for $39 million.

JLL Managing Directors Bo Mills and Mark Detmer and Vice president Ryan Sitov led the JLL team on the sale.

“Phoenix is one of the best bets for industrial product right now,” said Mills. “The demand is high, and fully leased, well-maintained buildings such as these often stoke a competitive bidding process.”

Added Detmer, “We have seen the Southwest Phoenix area’s vacancy dip from about 20 percent in 2009 to nearly 10 percent at the end of 2016. This is a trend we think will continue as Phoenix serves as the Southwest’s logistics hub.”

The assets are located at 101 North 103rd Ave. and 101 North 104th Ave., and are 279,186 square feet and 279,279 square feet respectively. Both buildings offer flexible space with cross-dock capabilities and the ability to accommodate either single or multi-tenant layouts.

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 $136 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.