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News release

Phoenix, AZ

Upside In Casa Grande Industrial Market Spurs $13.6m JLL Building Sale

Central Arizona Distribution Center trades hands


​PHOENIX, October 31, 2017 – Value-add potential within the Casa Grande industrial market has spurred the $13.6 million sale of Central Arizona Distribution Center by the Phoenix office of JLL. The 581,038-square-foot building is 63 percent leased to three tenants, with additional vacant space providing upside potential in an active Casa Grande industrial market.   

JLL Managing Directors Mark Detmer and Bo Mills, Executive Vice President Pat Harlan and Vice President Ryan Sitov represented the building seller, Clarion Partners. The property buyer is Harrison Development L.L.C.

"Casa Grande's location and low cost of doing business are benefits that appeal to a wide variety of industrial users – from logistics to manufacturing to distribution," said Detmer. "Central Arizona Distribution Center is one of the area's stand-out buildings, encompassing each of these benefits, as well as the opportunity to purchase a Class A building below replacement cost and improve cash flow through the lease-up of the remaining vacancy."

Central Arizona Distribution Center is located at 2592 E. Hanna Road in Casa Grande, Arizona. It is 63 percent occupied by three tenants: freight forwarding and logistics company Kuehne + Nagel, leading plastics manufacturer Republic Plastics, and Mid-States Services, which provides products and services tailored to the correctional industry.

The project offers high visibility along Arizona State Route 87 and immediate access to Phoenix's transportation infrastructure via Interstate 10 and Interstate 8. Building features include 30' clear height, dock high loading and a functional design able to accommodate single or multi-tenant configurations.  

 

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