DCT Industrial Trust Inc., a Denver-based industrial real estate company, announced this week that it had acquired a three-building industrial portfolio in the Phoenix area for $22.1 million, or $71.74 per square foot. The price point is above the $59.47 per square foot average for industrial space across metro Phoenix, according to LoopNet’s data as of July, as reported by the Phoenix Business Journal. The Broadway Industrial Portfolio was sold by San Francisco-based Prologis with representation from Jones Lang LaSalle Managing Directors Mark Detmer and Bo Mills. JLL Executive Vice Presidents Pat Harlan and Steve Sayre, and Associate Kyle Westfall will serve as the exclusive leasing brokers for the property buyer on behalf of DCT Industrial Trust. Terms of the deal were not disclosed.
"We are excited to add these exceptional buildings to our portfolio," said Mark Bowen, Regional Vice President DCT Industrial. "Located in one of the highest-barrier-to-entry submarkets of Phoenix these high-quality buildings reflect DCT's continued effort to improve the quality our portfolio."
"These buildings are exceptional in that they combine outstanding functionality and full occupancy with a true Class A image in an infill location," said Detmer. "This includes access—within minutes—to many of the key amenities that a high-end industrial user might need: an extensive freeway network, international airport, deep labor pool and host of retail opportunities."
The portfolio includes an 110,000-square-foot building at 1005 W. Alameda Dr; a 96,437-square-foot building at 2910 S. Hardy Drive; and a 101,601-square-foot building at 2925 S. Roosevelt St., all in Tempe. Each building is a Class A, institutional quality asset offering manufacturing, distribution and office space. The properties are all fully occupied with major tenants including United Stationers Supply Co., ACI Plastics, Inc., Misty Mate, Inc. and Triumph Group, Inc.
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