Cushman & Wakefield Negotiates 323,370 SF Lease in Gilbert, AZ
PHOENIX, Arizona – Cushman & Wakefield announced today that Keter Plastic, one of the world’s leading manufacturers and marketers of resin-based household and garden consumer products, signed two leases at Fiesta Tech Center. The two leases are a combined 323,370-square-feet.
Pete Klees and James Harper of Cushman & Wakefield Phoenix successfully negotiated the lease on behalf of the tenant. Los-Angeles based Fiesta Venture, L.P. is the owner.
Keter Plastics leased 1300 N. Fiesta Boulevard for its manufacturing building and 1343 N. Colorado Street for its warehouse. Constructed in 1997, 1300 N. Fiesta Boulevard is 243,000-sqaure-feet and features all infrastructure for a plug-and-play plastic injection molding operation, 10 dock-high loading doors and eight at grade level, along with ample parking. In addition, Keter will be performing a $6 million renovation to the building to add additional injection molding equipment. Totaling 120,700-square-feet and built in 2016, 1343 N. Colorado Street offers ESFR sprinklers, 32 dock-high loading doors and 30’ clear height.
“We were introduced to Keter Plastic through a long-standing client and after initial discussions a long-term lease made the most sense. The former plastic injection plant was a perfect fit for the Israeli company who currently has 29 locations in Israel, Europe, Canada and the U.S.,” said Harper. “Between the two leases, Keter plans to add multiple jobs to the Gilbert market.”
Located in the Gilbert submarket, one of the fastest growing municipalities in the U.S., the two buildings are centrally located near two major freeways – the US 60 and Loop 202. The Metro Phoenix industrial market absorbed 2.6 million square feet in the second quarter of 2018. The Gilbert/Gateway submarket showed the most positive absorption with an occupancy growth of 585,000-square-feet for the quarter, according to Cushman & Wakefield research