Phoenix, Arizona – CBRE announced that three tenants signed industrial leases totaling 215,857-square-feet at Lotus Project, a state-of-the-art industrial property in Chandler, Ariz.
CBRE’s Jackie Orcutt and Rusty Kennedy represented the landlord, Rosemont, lli.-based commercial real estate development firm Conor Commercial, in the transaction. VB Cosmetics, a fast-growing Chandler-based company represented by Ryan Steele with Keyser, was one of the new tenants. All three new occupants, which also include a technology distributer and a company tied to the food and beverage industry, plan to use the space for warehousing and distribution.
Located at 6511, 6565, 6615 and 6677 W. Frye Rd, Lotus Project is a four-building industrial property that was completed in 2019. The site has immediate access to the I-10 and the new Loop 202 extension, connecting Chandler to the rest of the Phoenix Metropolitan Area.
“Lotus Project has had incredible success since its completion nearly one year ago,” said Orcutt. “The infill-Chandler location allows for convenient access to every end of the Greater Phoenix market, and Conor Commercial’s vision for the project makes it one of the most attractive new developments in the Southeast Valley. All three companies have strong roots in the area and jumped on the opportunity to expand into a new, state-of-the-art facility.”
Currently, 11.8 million square-feet of industrial space is underway across the Phoenix market, according to a CBRE research report. At the end of the third quarter, 54.2 percent of the space under construction was committed to by tenants currently located in the market and new entries to Phoenix.
“We’re excited to welcome an incredible line-up of new tenants to the Lotus Project,” shared Derek Buescher, Senior Development Manager at Conor. “The development was carefully designed to offer a number of manufacturing and logistical advantages, making it optimal for our tenants.”