CoStar’s Power Broker Quarterly Deals – Industrial Lease
Prominent industrial leases signed by Amazon, MiTek USA and Kuehne + Nagle negotiated by top dealmakers from JLL, Colliers INternational, Cushman & Wakefield, Lee & Associates and CBRE are among the third quarter industrial leases recognized by CoStar.
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. Beginning this year, CoStar is recognizing the largest leases completed each quarter and the dealmakers who made them happen in their respective markets.
Here are the Phoenix industrial leases selected as the third quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: 2050 E. Riverview Drive, Phoenix, AZ
Space Leased: 278,161 SF
Deal Type: New Lease
Sign Date: September 7, 2020
Size: 278,161 SF
Tenant: Amazon
Brokers Involved: Steve Sayre, Patrick Harlan and Kyle Westfall of JLL represented both sides of the deal.
Deal Commentary: Not surprisingly, the largest third quarter industrial lease was inked by Amazon for this entire building in the Airport I-10 Business Park. Phoenix-based Wentworth Property Co. signed the online retail for a term of 10 years.
TOP LEASE: MiTek Manufacturing, 7890 W. Lincoln St., Tolleson, AZ
Space Leased: 259,200 SF
Deal Type: Renewal
Sign Date: August 24, 2020
Size: 259,200 SF
Tenant: MiTek USA
Brokers Involved: Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International represented the tenant.
Deal Commentary: MiTek USA, Inc., a Missouri-based construction and engineering company, renewed its full-building lease in Tolleson. The single-tenant property is owned by the California State Teachers Retirement System.
TOP LEASE: 7210 W. Van Buren St., Phoenix, AZ
Space Leased: 237,176 SF
Deal Type: New Lease
Sign Date: August 13, 2020
Size: 575,685 SF
Tenant: Kuehne + Nagle
Brokers Involved: Patrick Feeney, Daniel Calihan, Rusty Kennedy and James Cohn of CBRE represented the landlord.
Deal Commentary: Kuehne + Nagle Inc, a global transportation and logistics company headquartered in Schindellegi, Switzerland, secured over 237,000 square feet over the third quarter at this Phoenix location in the Interstate Logistics Center.
TOP LEASE: Airport 40, 3030 S. 40th St., Phoenix, AZ
Space Leased: 211,900 SF
Deal Type: New Lease
Sign Date: September 1, 2020
Size: 211,900 SF
Tenant: Amazon
Brokers Involved: Michael Haenel, Phil Haenel and Andy Markham of Cushman & Wakefield represented the landlord. Steve Sayre of JLL represented the tenant.
Deal Commentary: Amazon struck again, this time leasing all 211,900 square feet in Building 1 at the Airport 40 business park owned by Conor Commercial Real Estate.
TOP LEASE: Prologis I-17 Logistics Center, 2145 S. 7th St., Phoenix, AZ
Space Leased: 211,208 SF
Deal Type: New Lease
Sign Date: August 27, 2020
Size: 211,208 SF
Tenant: KBR
Brokers Involved: Chris McClurg SIOR, Ken McQueen, Stein Koss and Tom Louer of Lee & Associates represented the landlord.
Deal Commentary: KBR, an engineering and procurement company based in Houston, signed a new lease to occupy Building 4 in the Prologis I-17 Logistics Center.
TOP LEASE: 6505 W. Chandler Blvd., Chandler, AZ
Space Leased: 157,014 SF
Deal Type: New Lease
Sign Date: August 26, 2020
Size: 157,014 SF
Tenant: Honeywell
Brokers Involved: Steve Larsen SIOR, Mark Bauer, Carl Beardsley and Kevin Bauer of JLL represented the landlord.
Deal Commentary: Honeywell, a multinational conglomerate company headquartered in Charlotte, North Carolina, signed a third quarter leased for this entire building in Chandler. An early 2021 move-in is expected.
TOP LEASE: Longbow Gateway One, 3115 N. Higley Road, Mesa, AZ
Space Leased: 147,435 SF
Deal Type: New Lease
Sign Date: August 23, 2020
Size: 147,435 SF
Tenant: Amazon
Brokers Involved: John Werstler and Cooper Fratt of CBRE represented the landlord.
Deal Commentary: Once again, Amazon signed one of the top lease deals of the third quarter, leasing the entire Longbow Gateway One building as a distribution facility.
TOP LEASE: Medline Distribution Center, 8787 W. Buckeye Road, Tolleson, AZ
Space Leased: 131,000 SF
Deal Type: New Lease
Sign Date: July 5, 2020
Size: 650,000 SF
Tenant: Tom’s Auto Parts
Brokers Involved: Dmitry Dukhan of Medline Industries represented the landlord.
Deal Commentary: Tom’s Auto Parts, an automobile parts retailer based in Phoenix, leased 131,000 square feet in the Medline Distribution Center in Tolleson.
TOP LEASE: 4465 E. Nunneley Road, Gilbert, AZ
Space Leased: 116,934 SF
Deal Type: New Lease
Sign Date: September 14, 2020
Size: 153,275 SF
Tenant: Lowe’s
Brokers Involved: Evan Koplan, Serena Wedlich and Mitchell Stravitz of CBRE represented the landlord.
Deal Commentary: Home improvement retailer Lowe’s signed a five-year for nearly 117,000 square feet at this location in the Gilbert Gateway Commerce Park.
TOP LEASE: 3030 S. 40th St., Phoenix, AZ
Space Leased: 108,800 SF
Deal Type: New Lease
Sign Date: September 1, 2020
Size: 108,800 SF
Tenant: Amazon
Brokers Involved: Michael Haenel, Phil Haenel and Andy Markham of Cushman & Wakefield represented the landlord. Steve Sayre of JLL represented the tenant.
Deal Commentary: Amazon signed yet another top third quarter deal, accounting for four of the top 10, taking all the space in Building 2 at the Airport 40 business park.