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News release

Phoneix, AZ

Competition Persists For Close-In, High-Tech Manufacturing Space

JLL completes full-building lease in central Tempe for Modern Industries


PHOENIX, September 13, 2017 – Competition for close-in, high-tech manufacturing space is strong – a trend underscored by a recent central Tempe, Arizona lease by the Phoenix office of JLL for Modern Industries, a Phoenix-based company specializing in aerospace, semi-conductor and medical high-tech manufacturing.

Through a 103,487-square-foot lease, Modern Industries will soon fully occupy the Class A industrial building at 2925 S. Roosevelt Ave in Tempe. It is one of four buildings that Modern Industries occupies in the Valley, with a total local employment count of more than 400 industry experts.

JLL Senior Vice President Steve Larsen and Executive Vice President Steve Sayre brokered the lease transaction for property owner DCT Industrial and Modern Industries.

"We had multiple groups in line to lease this entire property, which is unique given the size and specific build-out of the facility," said Larsen. "It highlights that tech manufacturing companies are not only expanding in metro Phoenix, but remain interested in infill locations."

The new Modern Industries building is located at Roosevelt and Southern avenues, and features an extensive manufacturing infrastructure including 9,000 Amps of power, a 3,000-square-foot clean room, back-up generators and is fenced-yard capable. Modern Industries will use the new space to accommodate growth within their local manufacturing operation. Move-in to the new building is slated for early 2018.

 

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 $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 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 www.jll.com or www.jll.com/phoenix.