{"id":1004201844,"date":"2017-12-28T03:45:08","date_gmt":"2017-12-28T11:45:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004201844"},"modified":"2022-12-08T04:13:48","modified_gmt":"2022-12-08T12:13:48","slug":"two-state-industrial-portfolio-commands-40m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-state-industrial-portfolio-commands-40m\/","title":{"rendered":"Two-State Industrial Portfolio Commands $40M"},"content":{"rendered":"

By Keith Loria<\/p>\n

\"Roosevelt<\/a>

Roosevelt Commons in Tempe, Ariz.<\/p><\/div>\n

Artis REIT has acquired a nine-building industrial portfolio in Colorado and Arizona, from BPP Pacific, for $40 million.<\/p>\n

The 379,487-square-foot portfolio is spread out across three industrial parks\u2014 Rocky Mountain Business Center, located in Aurora, Colo.; and Roosevelt Commons and Superstition Springs in Tempe and Mesa, Ariz., respectively.<\/p>\n

JLL\u2019s\u00a0capital markets team represented the seller in the transaction.<\/p>\n

\u201cThe sale of this portfolio reinforces the strength of these markets, especially in Denver where high-level investor interest was piqued by exceptional fundamentals and a choice asset,\u201d <\/em>Carm Hicks, JLL\u2019s vice president, Denver, said in a prepared release. \u201cOur clients had solid buyer choices, which was evident in the amount of tours and requests for market intel.\u201d<\/em><\/p>\n

Joining Hicks on the deal were Managing Directors Mark Detmer and Bo Mills; Vice President\u00a0Ryan Sitov; Executive Vice Presidents\u00a0Pat Harlan\u00a0and\u00a0Steve Sayre\u00a0in Phoenix; and Managing Director\u00a0Mitch Zatz\u00a0in Denver.<\/p>\n

\u201cThis was an excellent opportunity to purchase institutional quality assets that are well-located throughout the Western U.S.,\u201d<\/em> Detmer said.<\/p>\n

At the time of the sale, the portfolio was 92 percent leased to 17 different tenants across a diverse range of industries.\u00a0<\/p>\n

Industrial Looking Strong<\/strong><\/h2>\n

According to JLL\u2019s latest industrial analysis, low vacancy rates and high demand for warehouse space are creating ideal conditions for the sector in 2018. In fact, Craig Meyer, JLL\u2019s president of industrial growth, Americas, said e-commerce activity is driving the industrial sector\u2019s success and the demand for industrial space is expected to increase in 2018.<\/p>\n

Several big industrial deals have taken shape lately, including Duke Realty Corp.\u2019s acquisition of 10\u00a0industrial\u00a0properties<\/a> in Southern California, Northern New Jersey and South Florida, from Bridge Development for $700 million; and Pure Industrial Real Estate Trust acquiring two\u00a0Fort Worth, Texas, industrial facilities<\/a> for $109.5 million.<\/p>\n

Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

BPP Pacific sold the assets located across Arizona and Colorado in a deal facilitated by JLL. The properties are 92 percent leased to 17 tenants.<\/p>\n","protected":false},"author":451,"featured_media":1004201845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21808,21748,21783,21742,1601,15],"tags":[38488,38710,32796],"class_list":["post-1004201844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-featured","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-artis-reit","tag-bpp-pacific","tag-jll"],"acf":[],"yoast_head":"\nTwo-State Industrial Portfolio Commands $40M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/two-state-industrial-portfolio-commands-40m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two-State Industrial Portfolio Commands $40M\" \/>\n<meta property=\"og:description\" content=\"BPP Pacific sold the assets located across Arizona and Colorado in a deal facilitated by JLL. 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