Investment, development, leasing and management expert Lincoln Property Company (LPC) has completed a 552,330-square-foot lease that will fully occupy a Phoenix industrial building and bring approximately 200 new jobs to the Southwest Valley.
The undisclosed distribution user will move into its new space in October and will fully occupy the project, located 7037 W. Van Buren Street in Phoenix. It will use the building to service a major requirement from a distribution-centric Fortune 50 company. It will also hire approximately 200 employees.
JLL Managing Directors Marc Hertzberg and Anthony Lydon represented LPC. Tom Louer of Lee & Associates represented the tenant.
“This lease is a great example of a positive Arizona industrial market,” said Hertzberg. “This user chose Phoenix after a multi-market search that included Northern and Southern California. It then chose this building, in particular, from among a very competitive local inventory that includes five or six newly constructed, nearby alternatives.”
According to LPC, the new distribution user selected the 7037 W. Van Buren Street property because of its close proximity to Interstate 10 and the building’s existing infrastructure, offering a critical speed to market.
“The 7037 property had virtually all of the needed build-out specifications already in place, including lighting and cooling requirements, existing dock equipment and approximately 10,000 square-feet of office space. Competing buildings didn’t have those improvements or a Certificate of Occupancy for immediate move-in,” said Lincoln Property Company Vice President Amr Ceran. “We were able to work quickly with all parties to take advantage of that benefit.”
Totaling 552,330 square feet, the project offers 31.5- to 35.5-foot clear heights, 57-foot column spacing, 100 truck bays, cross-dock and front-load configurations, energy-efficient lighting and modern electrical, cooling and ESFR systems. It also sits within a Foreign Trade Zone, which represents a significant potential for real and personal property (equipment) tax reductions and duty deferral or elimination.
“Phoenix occupies one of the most strategic and cost effective supply chain locations in the West,” said Lydon. “That is a powerful combination for logistics operators.”