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9/01/11
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A 302.6k sf distribution building in Tolleson, AZ was acquired by a limited partnership formed by Prologis for $9.95 mil ($33/sf). The property is located at 9704 W. Roosevelt Rd, south of I-10 and east of 99th Ave.
The property was sold by the Paul and Eleanor Sade Trust of Alamo, CA, who listed it for sale when long-time tenant Reckitt Benckiser vacated the building and expanded operations in Utah.
Managing Directors Anthony J. Lydon and Marc Hertzberg of Jones Lang LaSalle represented the seller and have also been assigned the leasing efforts for the new owner, Prologis. The team already has tenant interest to lease the entire building and bring roughly 200 jobs to the area.
Prologis was repped by in-house exec Fritz Wyler. Based out of Denver, CO, Prologis is the world’s largest industrial landlord with approximately 600 msf of distribution space in 22 countries. Although Prologis has purchased about 3 msf of Phoenix industrial space in the past two decades, 553.4k sf of that space was purchased in just the last few weeks.
According to Jones Lang LaSalle, when the Tolleson property is leased, there will only be four available distribution buildings in southwest Phoenix that offer at least 200k sf of contiguous space. Three years ago, there were 24 properties in this category.
“Phoenix is running out of larger industrial buildings,” Lydon said. “In the last 18 months, we’ve seen more than 6 msf of net industrial space absorbed by companies like Amazon, Genco, Sub-Zero and Suntech. We’re currently tracking approximately 20 out-of-state industrial users that are seeking about 8 msf of additional industrial space in Phoenix.”
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