PHOENIX, ARIZONA – CBRE has arranged a 146,000-square-foot industrial lease on behalf of Rosendin Electric, Inc. at Power 202 Business Park in Mesa, Ariz.
CBRE’s Mike Parker represented Rosendin in the lease negotiations. The landlord, Phoenix-based Bird Dog Industrial, was represented by Lee & Associates, Ken McQueen and Chris McClurg.
Rosendin is the largest employee-owned electrical contractor in the U.S., headquartered in San Jose, Calif. The space, located at 4617 S. Power Road, will serve as a prefabrication facility, offering the tenant proximity to a nearby job site.
“Rosendin had a compressed timeframe to secure a minimum of 120,000 square feet of space in the high-demand Southeast Valley to service a data center project nearby,” said CBRE’s Parker. “After exploring numerous options in the area, we learned Power 202 would deliver in time to meet my client’s needs. As a result of numerous previous negotiations with Rosendin over the past 18 years, we were able to structure a lease deal, that traditionally can take months to negotiate, in just 48 hours.”
Power 202 Business Park is a new, 330,000-square-foot Class A industrial park located on Power Road with visibility along the Loop 202. It is situated northwest of the Phoenix-Mesa Gateway Airport in the Southeast Valley and within an Opportunity Zone.
“Rosendin’s relationship with CBRE began nearly two decades ago when Mike Parker assisted in our relocation from Mesa to Tempe,” said Mike Greenawalt, CEO, Rosendin Electric, Inc. “Since that first move, Mike has assisted in the purchasing and leasing of buildings in metro Phoenix and the locating and leasing of a variety of office and warehouse spaces in Texas and Nevada. This trusted relationship has allowed Rosendin to move confidently in today's highly active and competitive marketplace.”
The Southeast Valley posted the second-strongest gains in net absorption totaling 1.08 million square feet at the close of the first quarter, according to CBRE research. Vacancy in the submarket sits at 4.7 percent, below metro Phoenix’s overall vacancy of 5.6 percent.