Freeway expansion helps JLL close $18.4M Class A building sale

Office | 21 Aug, 2017 |

Proving the power of amenities like walkability and freeway access – including a location near the future Loop 202/South Mountain Freeway expansion – the Phoenix office of JLL has completed the $18.40 million sale of Foothills Corporate Centre II, an approximately 145,000-square-foot office building located along I-10 in the heart of Awhatukee, in Phoenix, Arizona.

JLL Senior Vice Presidents Brian Ackerman and Dan Postal represented the property seller, Fort Properties Management, Inc. The buyer was a joint venture between a leading institutional investor and Everest Holdings. JLL Managing Directors Dave SeegerMark Gustin and Karsten Peterson retain the property leasing assignment.

“Convenience and walkability are two of the most important features sought after by today’s modern office tenants, and Foothills Corporate Centre offers both,” said Ackerman. “The property is within easy walking distance to Ahwatukee Foothills Town Center and Foothills Park Place Shopping Center. It also sits directly alongside I-10, and is just north of the future South Mountain Freeway.”

The South Mountain Freeway is a 22-mile extension of the Loop 202 Freeway, running from the southwest Valley at I-10 and 59th Avenue to Pecos Road at the intersection of I-10 and the Loop 202, in the southeast Valley. Construction began in fall 2016 and is slated for completion by late 2019.

“We are excited about this project, as it uniquely caters to tenants who desire well-located, institutional-quality office space with tremendous access to amenities and a strong labor base,” said Everest Holdings Vice President of Acquisitions Michael Gusich.

Foothills Corporate Centre II is located at 14601 – 14605 South 50th Street, between Ray Road and Chandler Boulevard in Phoenix. The property is 72 percent leased to three tenants: Level 3, DirecTV and ExhibitOne.

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