JLL Brokers $18M Sale of Phoenix Industrial Asset
ByThe Phoenix office of JLL arranged the $18.4 million sale of Phoenix Logistics Center. Colony Northstar purchased the property from a joint venture between Overton Moore Properties and PCCP LLC.
Located at 420 S. 53rd Ave. and 1002 S. 56th Ave., in Phoenix’s Southwest submarket, the center totals 245,890 square feet across two buildings. Both properties have been recently refurbished with $1.8 million in capital improvements, which included new roofing, HVAC, T-5 lighting, paint, landscaping and power and plumbing upgrades. Each facility can accommodate single- and multi-tenant configurations with dock-high and grade-level loading and 24- to 30-foot clear heights. The center sits on a 13.8-acre parcel that includes two acres of vacant land that can be developed, paved or used to expand the 53rd Avenue building…
