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News release

PHOENIX

State-of-the-Art Phoenix Industrial Asset Sells Prior to Completion

JLL completes $32+ million sale of Opus Airport Industrial


PHOENIX, November 29, 2016 – Speculative investment into the industrial sector continues to pay off in Phoenix.  On behalf of The Opus Group, JLL's Capital Markets experts today announced the firm completed the sale of Opus Airport Industrial, located in Phoenix. Principal Global Investors purchased the yet-to-be-completed 393,292-square-foot, Class A warehouse for $32.65 million. 

Managing Directors Bo Mills and Mark Detmer led the JLL team on the transaction.  

"Opus Airport Industrial will be a tremendous new asset in the already very strong Phoenix industrial market," said Mills. "This sale shows that Phoenix is the right market for building high-quality industrial assets on spec as investors continue to place capital. We anticipate more activity like this, especially as Opus remains one of the preeminent developers in Phoenix and Principal stays active as a landlord." 

Opus Airport Industrial is located within four miles of Phoenix Sky Harbor International Airport and less than one mile from connections to major thoroughfares via Interstate 17. The building sits on 23 acres of land and upon completion will feature a clear height of 36 feet, 96 dock high doors and four grade level doors, as well as 62 trailer stalls that are expandable to accommodate 106 trailers. The building will also have cross dock capability and ESFR sprinklers.

JLL 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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe. 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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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.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.