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News release


Market Upside Attracts Global Buyer to Phoenix Industrial Portfolio

JLL sells Phoenix Logistics Center portfolio for Overton Moore for $18.4 million

PHOENIX, June 28, 2017 – Strong market performance and continued confidence in Phoenix's industrial market future has spurred the $18.4 million sale of Phoenix Logistics Center – sold this week by the Phoenix office of JLL on behalf of a joint venture between Overton Moore Properties and PCCP LLC, and acquired by Colony Northstar.

JLL Managing Directors Bo Mills and Mark Detmer, and Vice President Ryan Sitov represented the property sellers.

"The Phoenix Logistics portfolio represents a quality multi-tenant industrial asset that is difficult to replicate in today's market," said Jason Hines, Vice President of Overton Moore Properties. "We are pleased with the sale and the overall execution of our value-add strategy in the Phoenix industrial market."

"Phoenix Logistics Center is institutionally maintained, with an extremely strong credit tenancy and the potential to add value through the development of two acres of excess land," said Mills. "It is an exceptional opportunity that brings together all of the attributes that an investor looks for when seeking a Class A industrial asset."

Phoenix Logistics Center totals 245,890 square feet in two buildings located at 420 S. 53rd Ave. and 1002 S. 56th Ave. in Phoenix's Southwest submarket. Both buildings have been recently refurbished with $1.75 million in capital improvements, including new roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing upgrades. The buildings sit on 13.8 acres, including two acres of excess land that can be developed, paved or used to expand the 53rd Avenue building.

Each building can accommodate single- and multi-tenant configurations, with dock-high and grade-level loading, and 24' to 30' clear heights. The portfolio is currently 91.3 percent leased to five quality tenants, including long-term anchor tenant Blue Line Foodservice Distribution, a division of Little Caesar Enterprises.

Phoenix Logistics Center is located 1.9 miles from the Loop 101 and 2.3 miles from I-10, offering direct access to all points in metro Phoenix, as well as key distribution routes to California, the Southwest and beyond.

According to JLL, industrial vacancy rates in Southwest Phoenix have declined from 20.4 percent in 2009 to 11.4 percent as of year-end 2016. Asking rental rates have increased an average of 4.5 percent every year since 2011. These factors, combined with robust population growth, employment growth and housing recover, have increased demand for available space across the local industrial market.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset 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 560 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 2016, the Phoenix team completed 34 million square feet in lease and sale transactions valued at $1.5 billion, directed $105 million in project management and currently manages a 25.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit or