CAPRE’s Commercial Real Estate Headlines for February 20, 2020: JLL Income Property Trust Acquires PHX Office Portfolio
Check out the latest deals and developments in commercial real estate for February 20, 2020: JLL Income Property Trust Acquires Two-Building Office Portfolio in Phoenix: JLL Income Property Trust, an institutionally managed daily NAV REIT, today announced the acquisition of Fountainhead Corporate Park, a 300,000 square foot, two-building Class A office portfolio comprised of two 6-story buildings located in the Phoenix, Arizona submarket of Tempe. The property was acquired for $61.5 million, or approximately $205 per square foot, representing a significant discount to new construction costs in the Phoenix market. According to Green Street Advisors, the Phoenix office market is ranked 4th nationally for estimated demand and employment growth from 2019 to 2022. Tempe is Phoenix's top performing office submarket posting vacancy rates in the single digits over the past 8 years and hitting an all-time low of 3.3% in 2019. Fountainhead Corporate Park is part of a dynamic live-work-play environment with a high-profile location along I-10 with immediate access to US-60, SR-143, Loop 202, Sky Harbor Airport, downtown Tempe and Arizona State University's campus. Walker & Dunlop Lends $26 Million for Class A Multifamily Property in GA: Walker & Dunlop has provided $26,000,000 in acquisition financing for The Reserve at Johns Creek Walk, a Class A multifamily complex located just outside of Atlanta, Georgia, in the Johns Creek suburb. The loan was closed on behalf of JLL Income Property Trust, a daily NAV REIT that owns and manages a…
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