As vacancy rates for Phoenix industrial continue to fall, and the demand for local distribution space rises, investors are hot for the market’s industrial portfolios, JLL managing director Mark Detmer tells us. Recently Mark and colleague Bo Mills repped White Star in the sale of the 460k SF White Star Portfolio, which consists of nine industrial buildings near Phoenix Sky Harbor and Valley Interstates. The Realty Associates Fund X acquired the portfolio for more than $42M.
Institutional-grade industrial properties are in short supply in greater Phoenix, Mark says, so investors are aggressively chasing those few on the market. Properties that offer barriers to entry, flexibility, and access to major transit routes are especially in demand. The White Star properties had all that, along with credit tenants, further driving the properties' value, he adds.
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