TEMPE, AZ-Two industrial powerhouses traded the 308,038-square-foot Broadway Industrial Portfolio, consisting of three class A buildings. When the dust settled, seller Prologis Inc. received $22.1 million from DCT Industrial for the 100%-occupied industrial properties.
The portfolio consists of:
- A110,000-square-foot building at 1005 W. Alameda Dr.
- A 96,437-square-foot building at 2910 S. Hardy Dr.
- A 101,601-square-foot building at 2925 S. Roosevelt St.
The properties are located directly off of Interstate 10 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. 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.
A JLL spokesperson tells GlobeSt.com that the seller received seven bonafide offers for the portfolio, noting that this particular transaction wasn’t an anomaly. “When talking on the topic of investor interest, Mark (Detmer) recently said that even today’s average Phoenix industrial values of $70 per square foot for prime, class A locations are as much as 30% below potential,” she adds. That creates an upside potential that will continue to attract attention from REITS/institutional investors/private equity for the foreseeable future.