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According to Jones Lang LaSalle research, Phoenix has enjoyed steady value-add industrial employment activity. With almost four million square feet of net absorption this year (through third quarter 2010), the area is currently ranked near the top of all U.S. industrial markets.“Companies like Amazon, Staples and Subzero have taken advantage of our opportunistic industrial market. They’ve captured the benefits of our labor and real estate at attractive price points,” said Lydon. “Corporate America has almost $2 trillion in cash sitting on the sidelines, so the opportunity to continue this trend of acquisition in Phoenix is strong,” added Hertzberg. “It makes for a very positive outlook.”Earlier this quarter, Lydon and Hertzberg worked with rail-centric employer M&M Industries, Inc. to complete the purchase of a 160,000-square-foot industrial property, located at 4739 W. Jefferson St. in Phoenix and served by the Union Pacific Railroad. The property was sold by DCT Industrial. It was purchased by M&M Industries, Inc. for $6.09 million, for use as a plastic injection molding facility.“This property offers rail service, which was key to the employer,” said Lydon. “It’s a perfect owner-user scenario that was made possible by a solid inventory of well-priced Phoenix industrial space.”With more than 50 years of collective experience in industrial real estate, Lydon and Hertzberg are recognized as top brokers in the marketplace and together have facilitated more than $1.5 billion in industrial transactions nationwide. Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing 311 of the area’s most recognized industry experts the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2009, the Phoenix team completed 3.2 million square feet in lease transactions and directed $60 million in project management, and currently has 13.5 million square feet under management.About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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