{"id":1004374388,"date":"2019-12-09T05:21:34","date_gmt":"2019-12-09T13:21:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004374388"},"modified":"2019-12-09T05:21:34","modified_gmt":"2019-12-09T13:21:34","slug":"jll-trust-buys-metro-phoenix-distribution-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-trust-buys-metro-phoenix-distribution-center\/","title":{"rendered":"JLL Trust Buys Metro Phoenix Distribution Center"},"content":{"rendered":"
\"\"

Chandler Distribution Center. Image courtesy of JLL Income Property Trust<\/em><\/p><\/div>\n

JLL Income Property Trust has acquired Chandler Distribution Center, a 211,000-square-foot Class A industrial property in metro Phoenix\u2019s Southeast submarket, for $31 million.<\/p>\n

Chandler Distribution Center is immediately off Route 202, a major east-west thoroughfare in Phoenix, near Chandler and neighboring Gilbert. The property comprises two newly developed Class A warehouses, which reportedly were designed to accommodate a wide range of tenant sizes\u2014including those under 35,000 square feet, which make up the bulk of the tenant base in this submarket. The property is currently 97 percent occupied.<\/p>\n

The acquisition is part of the REIT\u2019s strategy to both grow its portfolio and diversify its tenant mix, property type and location, JLL Income Property Trust President & CEO Allan Swaringen said in a prepared statement. JLL Income Property Trust\u2019s industrial holdings total 6.7 million square feet valued at nearly $750 million and represent 26 percent of the trust portfolio\u2019s overall value, he added.<\/p>\n

Growing and Tightening <\/strong><\/h2>\n

Net industrial absorption in metro Phoenix was just more than 3 million square feet year-to-date, helping to push overall vacancy down to 6.8 percent, a cyclical low, according to a third-quarter report from Colliers International. Development remains active, with 7.9 million square feet under construction. Sales too are lively, amounting to $1.36 billion year-to-date and outrunning the 2018 transaction volume. The median price is about $104 per square foot and cap rates continue to compress, to 6.18 percent, according to Colliers International.<\/p>\n

Just last month, the Seventy5 Business Park in southwest Phoenix traded for $22.4 million<\/a>. Rialto Capital Management acquired the four-building, 222,400-square-foot Class A industrial complex.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Class A industrial property in Chandler, Ariz., changed ownership for $31 million. <\/p>\n","protected":false},"author":882,"featured_media":1004374391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,21742,1601,15],"tags":[37201,45095],"class_list":["post-1004374388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-allan-swaringen","tag-jll-income-property-trust"],"acf":[],"yoast_head":"\nJLL Trust Buys Metro Phoenix Distribution Center - 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\/jll-trust-buys-metro-phoenix-distribution-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL Trust Buys Metro Phoenix Distribution Center\" \/>\n<meta property=\"og:description\" content=\"The Class A industrial property in Chandler, Ariz., changed ownership for $31 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-trust-buys-metro-phoenix-distribution-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-09T13:21:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Chandler-Distribution-Center-in-Chandler-Ariz.-Image-courtesy-of-JLL-Income-Property-Trust.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jll-trust-buys-metro-phoenix-distribution-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jll-trust-buys-metro-phoenix-distribution-center\/\",\"name\":\"JLL Trust Buys Metro Phoenix Distribution Center - 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