JLL closes sale of Phoenix-area industrial building
Walton Street Capital and Greenlaw Partners purchased the facility in an off-market transaction
PHOENIX, February 21, 2020 – JLL announced today that it has closed the sale of a 164,486-square-foot, state-of-the-art manufacturing and distribution facility at 2550 N. Nevada St. in the Phoenix-area suburb of Chandler, Arizona.
JLL represented the buyer, a partnership between an affiliate of Walton Street Capital and Greenlaw Partners. The project was off market at the time of the sale, and JLL approached the seller, Globe Corporation and its president, George Getz, directly. Globe Corporation, which acquired the property in June 2012, had been leasing it to IO Data/Baselayer prior to the landlord terminating the lease prior to closing.
Situated on 16.5 acres, 2550 N. Nevada St. is in Chandler, a community 22 miles southeast of downtown Phoenix. The property has access to Interstate 60 and the Loop 101 and 202 Freeways, allowing tenants to reach more than 500,000 residents within a 15-minute drive. Additionally, tenants can reach most of the West Coast and into Texas and Oklahoma within two days. Completed in 2005, the two-story, climate-controlled 2550 North Nevada Street features a 30-foot clear height, nearly 25,000 square feet of office space, 20 loading dock positions, six grade-level oversized doors and three five-ton cranes.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Globe Corporation
Founded in 1901, Globe Corporation is currently managed by fourth generation members of the Getz family. With a rich history that spans many different industries—coal distribution, manufacturing, ranching and commercial banking—Globe Corporation today is a diversified investment company whose primary responsibilities are the stewardship and oversight of the Getz family assets.
About Walton Street Capital, L.L.C.
Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity and loan commitments of approximately $12 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. Affiliates of Walton Street Capital have invested and/or committed to invest over $11 billion of equity in more than 400 separate transactions.
About Greenlaw Partners
Greenlaw Partners is a Southern California based real estate operating company that acquires and develops real estate throughout the United States.