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News release

PHOENIX, AZ

JLL’s Buckeye Land Sale Ushers In Major Cardinal IG Glass Development

Manufacturer to build 250,000 s.f. project; generate 100 new jobs


PHOENIX, August 24, 2016 – On behalf of Evergreen Devco Inc. and Evergreen-Apache & Southern LLC (Evergreen), the Phoenix office of JLL has completed the sale of 77 acres of land in Buckeye, Arizona to Cardinal IG Companies (Cardinal IG). Cardinal IG will develop a 250,000-square-foot, build-to-suit advanced glass manufacturing facility at the site. The project will bring 100 new jobs to the City of Buckeye.

Cardinal IG is a wholly-owned subsidiary of Cardinal Glass Industries, a leading glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new custom built, sate-of-the-art manufacturing facility in Buckeye will produce high-quality, energy efficient insulating glass for residential window and door companies across the globe. The development is expected to generate nearly $90,000 of direct annual revenue to the city, not including the indirect and induced positive fiscal impacts to the city of approximately $5 million over 20 years.

"This is Buckeye's first significant industrial employment investment since 1992," said JLL Managing Director Anthony J. Lydon, who along with JLL Managing Director Marc Hertzberg represented Evergreen in the land sale. "It was a perfect mix of a prime location and Buckeye's 2015 decision to waive the municipal sales tax for energy to qualifying manufacturers."

"The combination will return mutual benefits for Cardinal IG and the City of Buckeye for decades," said Hertzberg.

Buckeye Mayor Jackie Meck agreed that the land sale is a pivotal one for the city. "This is a great company that Buckeye can partner with for many years, and it will provide great jobs for our residents," Meck said. "I also hope that having Cardinal select Buckeye for locating its operations here will kick-start other manufacturing development in our city."

The new Cardinal IG site is located just south of the southeast corner of Apache Road and Southern Avenue, approximately three miles south of Interstate 10 and three miles east of Highway 85 in Buckeye, Arizona. Situated just north of the city's historic downtown, the site is part of 152 acres controlled by Evergreen and marketed by JLL. Lydon and Hertzberg continue to market a remaining 75 acres for Evergreen on the direct southeast corner of Apache and Southern, and located immediately north of the Cardinal IG site.

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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 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 540 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 2015, the Phoenix team completed 17.2 million square feet in lease and sale transactions valued at $930 million, directed $125 million in project management and currently manages a 16.4 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.