PHOENIX, AZ— Jones Lang LaSalle’s Phoenix industrial team of Managing Directors Anthony Lydon, SIOR (top right photo), and Marc Hertzberg (lower left photo), SIOR, has recently been awarded two exclusive listings and completed a significant industrial sale.Combined, the properties represent more than 700,000 square feet of space in the recovering Phoenix commercial real estate market.
The team’s new exclusive listings are:
§ A 300,000-square-foot manufacturing/distribution building at the highly visible Loop 101 and Interstate 10 stack intersection. Formerly occupied by global consumer goods company, Reckitt Benckiser and owned by Sadie Trust of San Francisco, Calif., the property is now available for sale or lease.
§ A 250,000-square-foot, rail-served distribution building fronting the Loop 202 just east of Sky Harbor International Airport (middle left photo). The food-grade facility is owned by First Beverage Group and is occupied by Phoenix-based Crescent Crown Distributing, who will be building a new facility in the East Valley. It is available for occupancy first quarter of 2012.
According to Jones Lang LaSalle research, Phoenix has enjoyed steady value-add industrial employment activity. With almost four million square feet of net absorption this year (through third quarter 2010), the area is currently ranked near the top of all U.S. industrial markets.
“Corporate America has almost $2 trillion in cash sitting on the sidelines, so the opportunity to continue this trend of acquisition in Phoenix is strong,” added Hertzberg. “It makes for a very positive outlook.”
Earlier this quarter, Lydon and Hertzberg worked with rail-centric employer M&M Industries, Inc. to complete the purchase of a 160,000-square-foot industrial property, located at 4739 W. Jefferson St. in Phoenix and served by the Union Pacific Railroad.
The property was sold by DCT Industrial. It was purchased by M&M Industries, Inc. for $6.09 million, for use as a plastic injection molding facility.
“This property offers rail service, which was key to the employer,” said Lydon. “It’s a perfect owner-user scenario that was made possible by a solid inventory of well-priced Phoenix industrial space.”
With more than 50 years of collective experience in industrial real estate, Lydon and Hertzberg are recognized as top brokers in the marketplace and together have facilitated more than $1.5 billion in industrial transactions nationwide.
Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing 311 of the area’s most recognized industry experts the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services.
In 2009, the Phoenix team completed 3.2 million square feet in lease transactions and directed $60 million in project management, and currently has 13.5 million square feet under management.Contact: | Stacey Hershauer | |
Phone: | +1 480 600 0195 | |
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