TOLLESON, Arizona – DAUM Commercial Real Estate Services has successfully arranged the lease of a newly constructed 173,940 square-foot industrial warehouse in the greater Phoenix submarket of Tolleson, Arizona on behalf of the lessor, Hopewell Development, a commercial development company based out of Canada. The total consideration of the lease is $12 million.
The building was leased within two months of completion, according to DAUM Executive Vice President Chris Rogers, who completed the deal alongside Executive Vice President Trevor McKendry and Associates Dan Casey and Parker Houston.
“DAUM initially sold the unoccupied land site to Hopewell Development in June 2019 in an off-market transaction,” says Rogers. “In partnership with Sunstate Builders, the firm strategically delivered a state-of-the-art distribution facility that met current trends. Based on our deep knowledge of market demand and established relationships, we were able to rapidly secure a long-term lease to a strong credit tenant for our Client.”
According to McKendry, the building is fully leased to Republic National Distributing Company, a national distribution company who was looking to expand its presence and distribution capabilities within the Arizona market.
“The greater Phoenix market continues to draw an influx of distribution users based on its close proximity to growing population hubs and ease of access throughout the Southwest region,” says McKendry, who notes that Q4 was the best quarter on record for industrial net absorption. “The lessee, who already had one location in Phoenix, was attracted to this Tolleson location, situated just 10 miles outside of Downtown Phoenix and offering immediate access to Interstate 10.”
The facility has several competitive features ideally suited to today’s distribution needs, including 28 dock-high loading doors, four grade level doors, 32’ clear height, a fenced and gated concrete truck court with 130’ depth, 3,600 amps, an ESFR sprinkler system, R-19 insulation, and LED lighting.
The building is located at 320 S. 91st Avenue in Tolleson, Arizona. Andy Markham, Will Strong, Mike & Phil Haenel at Cushman and Wakefield represented the tenant in the lease transaction.