Phoenix light industrial building sells for $14.25M
JLL Capital Markets closed the sale of the fully leased property to STAG Industrial, Inc.
LOS ANGELES, December 18, 2020 – JLL Capital Markets announced today that it has closed the $14.25 million sale of a 104,352-square-foot, fully leased, single-tenant light industrial building in the Phoenix-area community of Chandler, Arizona.
JLL Capital Markets marketed the property on behalf of the seller, Cohen Asset Management, Inc. An affiliate of Boston-based STAG Industrial, Inc. purchased the asset.
The property is triple net leased to Phoenix Packaging Operations, LLC, a subsidiary of Grupo Phoenix, which has been one of the leading manufacturers of injection-molded plastic packaging, thermoformed products, foil lidding and extruded barrier packaging in Latin America for the last 20 years. Originally constructed in 2000, the tenant has made significant improvements to the building in both 2011 and 2017, including installing two additional cranes. Additional property features are a 28-foot clear height, ESFR sprinklers, five dock-high doors, four grade-level doors, low office finish and ample parking.
Situated on 8.51 acres at 464 E. Chilton Dr., the building is between U.S. 60, State Route 87, Loop 101 and Loop 202 Freeways, providing easy access to the Southwest Valley, the entire metro Phoenix area and the greater California region. It is also within the Chandler/Mesa Industrial submarket, a central industrial hub proximate to two area airports, and within the Chandler Enterprise Zone, which allows qualified businesses tax benefits.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Mark Detmer and Senior Director Ryan Sitov along with Managing Directors Steve Larsen and Bill Honsaker.
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Cohen Asset Management, Inc.
Cohen Asset Management is a premier private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. The firm has an established history as a prominent and active owner-operator spanning several decades with a focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st century e-commerce economy and global supply chain. The Cohen Asset Management team of seasoned real estate professionals creates value for its investors and tenants by establishing mutually rewarding relationships within the real estate community and by taking a proactive, hands on approach to all its investments. Cohen Asset Management takes great pride in its excellent reputation as a responsive landlord, a savvy investor and a great partner.
About STAG Industrial, Inc.
STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and
operation of single-tenant, industrial properties throughout the United States. As of September
30, 2020, the company’s portfolio consists of 462 buildings in 38 states with approximately 92.3
million rentable square feet. For additional information, please visit the company’s website at stagindustrial.com.