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PHOENIX, March 7, 2017 – JLL's Capital Markets experts today announced the company completed the sale of the Living Spaces Showroom and Distribution Center in Phoenix. JLL represented Living Spaces, which sold the 437,234-square-foot, Class A industrial asset to Cohen Asset Management.
Managing Directors Mark Detmer and Bo Mills, and Vice President Ryan Sitov led the JLL Capital Markets team on the sale. They worked with JLL Retail experts Executive Vice President Scott Kaplan and Senior Vice President Erik Westedt.
"The building is fully leased to a great tenant, who chose this location for its freeway frontage and proximity to Phoenix's growing population base." said Detmer.
The Living Spaces Distribution Center and Showroom is an institutional, distribution facility with 122,850 square feet of showroom. The property is located adjacent to Interstate 10 and provides immediate access to Phoenix's transportation infrastructure and growing population of over 4.5 million people.
"We are excited to add a fully leased building with a renowned tenant and a long-term lease with limited rollover exposure to our growing portfolio as we continue to expand our footprint in the Phoenix marketplace. Our mission is to create long-term value as well as near-term returns for our investors with minimal cyclical cash flow volatility, and this project will be a marquee asset as we continue to pursue other strategic investment opportunities in the Phoenix marketplace", stated Brandon Delf, Executive Vice President, and CIO
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 2017 alone, JLL Capital Markets completed $170 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.
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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 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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.