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Represents the first new Class A industrial construction in submarket in eight years
PHOENIX, Aug. 12, 2013 – Industrial experts in the Phoenix office of Jones Lang LaSalle have completed a 9.4-acre land purchase for The MACK Company. The buyer will soon kick off construction at the site for the development of MACK Pinnacle, a new 169,000-square-foot, Class A industrial development.
Located just west of the southwest corner of Pinnacle Peak Road and 7th Street in north Phoenix, the land for MACK Pinnacle sold for $2,685,000. The new project is scheduled to complete in May 2014.
The Jones Lang LaSalle team of Executive Vice Presidents Steve Sayre and Pat Harlan, and Associate Kyle Westfall, along with Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills, represented The MACK Company. Luke Lewis of Luke Land Realty represented the seller, 7th Street & Airport Drive II, LLC.
According to JLL, MACK developed approximately 500,000 square feet of industrial product in the submarket almost a decade ago. Their new project, MACK Pinnacle, will encompass two Class A industrial buildings, one at 90,575 square feet and 30-foot clear height and the other at 78,281 square feet and 24-foot clear height. Additional features include A-1 light industrial zoning, ESFR sprinkler system and a location on a major intersection with immediate access to the two main transportation corridors in the submarket, Interstate 17 and the Loop 101 freeway.
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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