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PHOENIX, October 8, 2015 – 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.
About JLL JLL (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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2014, the Phoenix team completed 12.2 million square feet in lease transactions valued at $918 million, directed $75 million in project management and currently manages a 23.1 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.
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