JLL sale brings West Valley interest to East Valley asset
The Phoenix office of JLL has just closed the $9.4 million sale of 464 E. Chilton Dr., a manufacturing/distribution facility in Chandler, Arizona that underscores the growing interest in Southeast Valley industrial investment assets.
JLL Vice President Steve Larsen and JLL Managing Director Bill Honsaker brokered the deal for the buyer, Cohen Asset Management, and the seller, GP Investments, LLC.
“Buyers looking for quality Phoenix industrial assets have broadened their scope to include not only our traditional, big-box West Valley space but also the Southeast Valley, where activity trends more toward manufacturing and regional distribution,” said Larsen. “That is the case with this project, which is being purchased by an investor who, up until now, has operated primarily in the West Valley.”
Built in 2000, 464 E. Chilton Dr. totals 104,352 square feet, including almost 14,000 square feet of office space. It is 100 percent occupied by Phoenix Packaging, LLC.
Building amenities include 2-3,600 amps 277/480 volt SES, 28’ clear height, ESFR sprinkler system and five truckwell and four grade level doors. The project has light industrial/PAD zoning. It is located approximately 2 miles south of the US 60 Freeway, just east of Arizona Avenue.
According to JLL, the Southeast Valley submarkets of Mesa, Gilbert, Ahwatukee, Chandler and Tempe account for 27 percent of Phoenix’s industrial inventory but as of Q2 were responsible for more than 60 percent of year-to-date absorption. Freeway access and large areas of developable land keep these submarkets in high demand among tenants and developers, and have helped to maintain vacancy rates that fall below the market average of 10.7 percent.