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Bo Mills, Mark Detmer complete first major transaction as part of JLL team
PHOENIX, June 13, 2013 – Only months after joining Jones Lang LaSalle's Capital Markets group, the veteran broker team of Managing Directors Mark Detmer and Bo Mills has completed the $44.3 million sale of Buckeye Logistics Center, a two-building institutional-quality industrial project in the sought-after Southwest Phoenix submarket.
Detmer and Mills represented both the seller, Principal Real Estate Investors, and the buyer, IIT Acquisitions LLC. As the project’s exclusive leasing brokers, Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall brought the property from zero to 100 percent leased and well-positioned for sale.
“This is hands down one of the best institutional-quality projects sold in Phoenix this year,” said Detmer. “It is fully leased to five strong credit tenants, has been institutionally owned and maintained since its delivery to the market, and sits at a high profile location. These features—along with the submarket’s rapid absorption rate and the property’s tremendous upside potential through rent growth—create a scenario that’s extremely hard to replicate.”
Built in 2008, Buckeye Logistics Center totals 684,064 square feet at 6825 and 6913 W. Buckeye Road. The 6825 building totals 380,569 square feet on 14 acres and is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The 6913 building totals 303,495 square feet on 17 acres and is fully leased to Philosophy and Kellogg. Both buildings offer state-of-the-art distribution features including 32’ clear, trailer storage and cross dock loading.
Located directly on Buckeye Road in Phoenix, Buckeye Logistics Center is minutes from Interstates 10 and 17, the 101 Freeway, and Sky Harbor International Airport. The property is also within a six-hour drive to the Ports of Los Angeles and Long Beach. It is situated within Southwest Phoenix, which is home to more than 25 percent of the entire Phoenix industrial market inventory.
“These are the kind of fundamentals that hit the high points of an investor’s checklist,” added Mills. “They make for long-term viability that is unrivalled in any other part of the Valley.”
Jones Lang LaSalle 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. For more on the Phoenix office, visit www.jll.com/Phoenix. For news, videos and research resources on Jones Lang LaSalle, visit the firm’s U.S. media center webpage.About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com. About Principal Real Estate InvestorsPrincipal Real Estate Investors manages or subadvises $46.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
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