PHOENIX– Citing continued strong investor interest and robust leasing activity among smaller users, the Phoenix office of Jones Lang LaSalle (JLL) has completed the $12.6 million sale of Bullard Goodyear Commerce Center, a six-building, 182,496-square-foot flex industrial property in Goodyear, Ariz.
Jones Lang LaSalle Associate Riley Gilbert, along with Jones Lang LaSalle Managing Directors Anthony J. Lydon and Marc Hertzberg, managed the property’s sale on behalf of seller, a wholly owned subsidiary of The Guardian Life Insurance Company of America.
Prior to the property sale, JLL led an aggressive 30-month leasing campaign that inked more than 100,000 square feet in new leases. The commitments brought the industrial development from less than 30 percent occupied to more than 85 percent occupied with 35 tenants and well positioned for sale.
“These were predominantly small bay deals—the mom-and-pop and regional users that survived the downturn and are now back in the market, creating demand and filling vacant space,” said Gilbert. “This activity turned an already well located project into an equally well occupied one, with limited direct competition and tremendous upside potential based on a proven trend of consistency.”
According to Gilbert, much of this activity is the result of a rebounding homebuilder market and the exponential growth of the West Valley, including neighboring Buckeye, which was the ninth fastest growing community in the nation in 2012.
Located at 500-600 N. Bullard Ave. in Goodyear, the Bullard Goodyear Commerce Center encompasses six office/warehouse buildings totalling 182,496 square feet on 14.35 acres. Amenities include 20’ clear heights, community truck wells, PAD zoning within the City of Goodyear and access to a full diamond interchange at I-10 and Bullard Avenue. The space offers divisibility from 2,493 square feet.
“This project provides smaller-scale lease opportunities in a market dominated by large-scale users,” said Gilbert. “That makes for a unique and valuable asset that is located in the middle of a tremendous amount of planned growth.”
JLL is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the region’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit the firm’s U.S. media center webpage.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.