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PHOENIX, June 11, 2013 – Strong market performance and local improvements ranging from new Light Rail development to senior housing construction have helped prompt Canadian-based BOSA Development to invest $4.4 million in a downtown Mesa, Ariz. office property listed by the Phoenix office of Jones Lang LaSalle.
Located at 159 W. First Ave., the 64,298-square-foot, single-story flex building contains approximately 55,800 square feet of industrial space and 8,500 square feet of office space, built in three phases between 1987 and 2012. The property is occupied by a single tenant specializing in the manufacturing of high-visibility consumer packaging.
Jones Lang LaSalle’s Senior Vice President Brian Ackerman and Senior Managing Director Dennis Desmond, both in the Phoenix office, represented BOSA and the property seller, Hogue Ventures LLC. Jones Lang LaSalle Managing Director Bill Honsaker and Vice President Steve Larsen served as leasing specialists.
“There are very few competing properties like this in the area,” said Ackerman. “BOSA credits the stability of the downtown Mesa submarket market and the stability of the building’s long-term occupancy as important factors in their decision to buy.”
According to JLL research, the Southeast Valley has enjoyed four consecutive quarters of positive net absorption and absorbed a more than 2 million square feet over the past 18 months. This consistently outpaces other parts of the Valley and accounts for more than 30 percent of total net absorption across the overall Phoenix metro market.
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.
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