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8/29/13
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In a sizable AZ investment buy, DCT Industrial Trust acquired Broadway Industrial Portfolio, three Class A buildings totalling 308k sf in Tempe, for $22.1 mil ($72/sf). The properties were sold by Prologis Inc.
Broadway Industrial Portfolio encompasses a 110k sf building at 1005 W. Alameda Dr; a 96.4k sf building at 2910 S. Hardy Drive; and a 101.6k sf building at 2925 S. Roosevelt St., all in Tempe. Each building is a Class A, institutional-quality asset offering manufacturing, distribution and office space.
The properties are all located directly off of Interstate 10 and fully occupied, with no near-term rollover. Tenants include United Stationers Supply Co, ACI Plastics Inc, Misty Mate Inc and Triumph Group Inc.
Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills represented Prologis in the sale. Jones Lang LaSalle Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall, will serve as the exclusive leasing brokers for the property buyer on behalf of DCT Industrial Trust.
“These buildings are exceptional in that they combine outstanding functionality and full occupancy with a true Class A image in an infill location,” said Detmer. “This includes access—within minutes—to many of the key amenities that a high-end industrial user might need: an extensive freeway network, international airport, deep labor pool and host of retail opportunities.”
In addition, the project is located within the Southeast Valley, an area that over the last decade has remained one of the nation’s fastest growing regions for industrial and technology companies, and according to JLL is well situated for long-term stability.
This is the second investment sale closed by JLL in the Tempe submarket this quarter. In July, the firm completed a $27.1 mil sale of Broadway 101 Office Park, a deal that was driven by high market demand and fundamentals reminiscent of pre-recession transactions.
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