JLL Income Property Trust bought a four-building, Class A distribution center complex in Chandler for $91 million.
The purchase of the complex, called the Lotus Project, is the real estate investment trust’s second acquisition in the Phoenix market. It bought the Chandler Distribution Center in 2019 for $31 million.
The Lotus Project, which JLL Income Property Trust is calling the Southeast Phoenix Distribution Center, totals 474,000 square feet. The deal closed Feb. 23, according to real estate database Vizzda.
“The broader industrial sector has proven to be resilient amid the pandemic and is on course to maintain its position as a winning property type for the foreseeable future,” Allan Swaringen, president and CEO of JLL Income Property Trust, said in a statement. “We remain bullish on the industrial sector as the demand drivers have been stronger than any other major property type and rent growth has exceeded expectations in many markets, including Phoenix, despite an active supply pipeline.”
The development, located near Loop 202 and Kyrene Road, was developed and sold by Conor Commercial Real Estate. Nail polish manufacturer VB Cosmetics [bizjournals.com] recently moved its headquarters to the development. Isola Group, which manufactures components for circuit boards, also moved its headquarters to the development in 2019.