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| CLARION DROPS $80 MILLION TO BUY 1.3 + MILLION-SQUARE-FOOT INDUSTRIAL PORTFOLIO |
 Phoenix/Gilbert - A limited partnership formed by Clarion Partners LLC in New York City, N.Y. (Stephen Furnary, CEO) paid $80 million ($61.47 per foot) to buy a 1.3 + million square-foot portfolio of industrial properties in the Valley. The seller in a single cash transaction was the Zimmerman Revocable Trust in Oakland, Calif. (Myron Zimmerman, trustee). Maricopa County records show the buyer was LIT Industrial Limited Partnership (Lion Industrial Trust entity formed by Clarion). The off-market sale was brokered by Bo Mills, Mark Detmer, Marc Hertzberg and Tony Lydonof Jones Lang LaSalle in Phoenix. The group of assets includes nine distribution-warehouse and manufacturing buildings in Phoenix and Gilbert. On the average, the space is 41 percent occupied. The leasing will be handled by Pat Harlan also of JLL, along with Lydon and Hertzberg. The properties, which were developed from 1984 to 2000, range from 13,656 sq. ft. to 323,345 sq. ft. Here is a description and location of each of the buildings: Valley West Distribution Center I, 323,345 sq. ft. located at 601 N. 75th Avenue in Phoenix; Valley West Distribution Center II, 323,345 sq. ft. at 605 N. 75th Avenue in Phoenix; Papago Distribution Center, 226,436 sq. ft. at 1010 N. 47th Avenuein Phoenix; Continental Tech Center, 108,212 sq. ft. at 955 N. Fiesta Boulevard in Gilbert; El Dorado Tech Center I, 83,472 sq. ft. located at 1171 N. Fiesta Boulevard in Gilbert and El Dorado Tech Center II, 43,000 sq. ft. located at1191 N. Fiesta Boulevard in Gilbert; 13,656 sq. ft. at El Dorado Tech Center located at 2020 W. Guadalupe Road in Gilbert; El Dorado Tech Center III, 110,975 sq. ft. at 2075 W. Obispo Avenue in Gilbert, and 69,112 sq. ft. at 2135 W. Obispo Avenue in Gilbert. BREW reported Zimmerman of Zimmerman Investments buying 982,455 sq. ft. of the portfolio in four separate sales completed in 2000 and 2001 that totaled $22.111 million (blended average of $22.50 per foot). Clarion Partners is a global real estate investment firm with $36.8 billion in assets under its management. The employee-owned company, formerly a subsidiary of Netherlands-based ING, is a registered investment advisor. Clarion Partners invests in office, retail, industrial, multi-family and hotel properties, either through buying existing assets or developing new projects in joint ventures. BREW has previously reported Clarion Partners buying, selling and developing all of the aforementioned property types in the Valley. The company is looking for more investment opportunities in the Phoenix area. Photo Credit: loopnet.com |
