The following leases were reported to the Real Estate Daily News for Phoenix Lease Report during the week of July 1 thru 10, 2015.
INDUSTRIAL – 4901 – 4929 W. VAN BUREN ST., PHOENIX
The ViaWest Group has completed two new leases totaling 80,635-square-feet at its Tiger Industrial Center in Phoenix. Located at 4901 & 4929 West Van Buren, the two-building complex is comprised of 103,064 SF and located just one mile south of a full-diamond interchange on the I-10 Freeway. Walmart will occupy 74,642 SF for temporary storage purposes while Custom Bilt Holdings has signed a long-term lease for 5,993 SF. The property was only 16% leased when ViaWest purchased the asset in January 2015. With the execution of these two leases, Tiger’s occupancy will increase to 94%.
These leases mark significant progress for ViaWest’s Select Strategies Fund focused on the acquisition of general industrial properties in Southwestern U.S. “We purchased Tiger earlier this year with a vision of adding value through strategic property enhancements coupled with our proactive leasing and management approach,” says Gary Linhart, Founding Principal at ViaWest Group. “We’re excited about these deals and want to keep the momentum going at this project by landing a long-term tenant to backfill Walmart in the coming months.” ViaWest’s Fund includes several Arizona properties, a recently acquired industrial center in El Paso, and is currently searching both locally and in neighboring states for new acquisitions.
Custom Bilt Holdings is a Dallas-based metal roofing and gutter manufacturer with an emphasis on eco-friendly technology. “We are excited to land such top-tier companies at the project and look forward to growing our relationships with both Custom Bilt and Walmart,” said Danny Swancey with ViaWest.
Riley Gilbert of Jones Lange LaSalle cites “responsive management, functional lease-ready space, and great access to freeways” as some of the factors that attracted Walmart and Custom Bilt. JLL will continue to market the project’s remaining vacancy.
OFFICE – 275 E. GERMAN RD., GILBERT
Cushman & Wakefield of Arizona, Inc. negotiated a 19,015-square-foot lease for HPOne at Reserve at San Tan, Phase I, located at 275 E. Germann Road, Gilbert AZ HPOne, headquartered in Trumbull, Conn., will now have two offices in the Valley. It currently operates a Phoenix office off the Black Canyon Highway. Founded in 2006, HPOne is a health insurance sales and marketing firm with brokerage operations licensed in all 50 states. It focuses on sales of Medicare and individual and family health insurance plans.
“The tenant chose this second site in the Valley based on quality and quantity of an employee pool in close proximity to the property,” said Michael White, Senior Director in the Office Properties group at Cushman & Wakefield. “There are numerous amenities in the area including more than 1.5 million square feet of retail and easy access to the Loop 202.”
“We’ve been extremely happy with our ability to attract and retain qualified employees for our Phoenix office,” said Bill Stapleton, Founder and CEO of HPOne. “When it came time to choose a location for additional expansion, the options for us in the Valley made the decision easy.”