Co-developers Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation, are pleased to announce that LKQ Corporation has executed a 10-year lease of 109,060 square feet at its Canal Crossing Logistics Center development in Phoenix, Arizona. The Fortune 500 company will occupy approximately 70 percent of this 155,114-square-foot premier multi-tenant industrial building that will be completed in First Quarter 2015.
Located at 5670 South 32nd Street, just south of the Phoenix Sky Harbor International Airport and within one mile of the full diamond interchange at Interstate 10 and 32nd Street, the Canal Crossing Logistics Center development will provide a contemporary, efficient and easily accessible central location for LKQ’s full-time employees that will office at this new Southwest regional hub.
LKQ Corporation is a leading international provider of aftermarket replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks and recreational and performance vehicles. All parts are offered to customers as a low-cost and environmentally sustainable option.
LKQ’s new space will feature 97,000 square feet of warehouse and 12,000 square feet of office. The warehouse will be dedicated solely to the indoor storage of parts that are ready for sale. The facility increases LKQ’s occupied space in the Phoenix market by 70,000 square feet, allowing the firm to meet the growing demands for its automotive products.
“We are pleased to welcome LKQ Corporation, a global Fortune 500 company, to the new Canal Crossing Logistics Center development,” remarked Sean Cummings, Vice President of Conor Commercial Real Estate’s Phoenix office. “Our team looks forward to supporting LKQ’s growth in the Phoenix area as the firm enjoys the benefits of customized new construction within their tenant suite, and the convenience and accessibility provided by the building’s strategic location.”
McShane Construction Company and Butler Design Group are providing the design/build construction services for the speculative building as well as the tenant improvements for LKQ Corporation. Wells Fargo & Company is providing the construction loan financing. Mike Parker and Evan Koplan of CBRE Phoenix and Jacob Bobek of Avison Young’s downtown Los Angeles office represented LKQ Corporation in the lease transaction. Exclusive marketing agents, Allen Lowe and Jeff Conrad of Lee & Associates Arizona, represented the co-development team.