Check Out CoStar’s Quarterly List of Market-Leading Deals and Dealmakers
Prominent industrial leases signed by Amazon, Temper Sealy and Wesco negotiated by top dealmakers from CBRE and JLL are among the first quarter industrial leases recognized by CoStar.
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar will recognize 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 first quarter 2022 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: 8560 E. Elliot Road, Mesa, AZ
Space Leased: 1,194,923 SF
Deal Type: New Lease
Size: 1,194,923 SF
Tenant: Amazon
Brokers Involved: Kevin Cosca, Alex Wentis and Peter Wentis of CBRE represented the landlord.
Deal Commentary: Amazon, the e-commerce giant headquartered out of Seattle and founded in 1994 by billionaire Jeff Bezos, inked a new lease for a 1.19 million-square-foot industrial facility off East Elliot Road. Amazon will move in mid-second quarter.
TOP LEASE: 7037 W. Van Buren St., Phoenix, AZ
Space Leased: 552,330 SF
Deal Type: New Lease
Size: 552,330 SF
Tenant: Tempur Sealy
Brokers Involved: Patrick Harlan, Marc Hertzberg and Riley Gilbert of JLL represented the landlord.
Deal Commentary: Tempur Sealy, one of the world’s largest bedding manufacturer and providers specializing in mattresses, pillows and relaxation products, signed a new lease for over 550,000 square feet at the building off West Van Buren Street in the Tolleson submarket.
TOP LEASE: 10209 W. Roosevelt St., Avondale, AZ
Space Leased: 409,254 SF
Deal Type: New Lease
Size: 409,254 SF
Tenant: Wesco
Brokers Involved: Marc Hertzberg, Anthony Lydon, Riley Gilbert and John Lydon of JLL represented the landlord.
Deal Commentary: Wesco is an international electrical maintenance, repair and services company based out of Pittsburgh and founded in 1922. Wesco signed a new lease for 409,000 square feet in the building off West Roosevelt Street in the Tolleson submarket. The company is slated to move in early third quarter 2022.
TOP LEASE: 16801 W. Glendale Ave., Glendale, AZ
Space Leased: 349,663 SF
Deal Type: New Lease
Size: 349,663 SF
Tenant: Sweet Water
Brokers Involved: Anthony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL represented the landlord. Justin Smith and Grant LaBounty of Lee & Associates Commercial Real Estate Service and Rick Robertson and Scott Smith of Lee & Associates represented the tenant.
Deal Commentary: Sweet Water signed a new five-year lease for a industrial space totaling a little under 350,000 square feet. The company is moving into the 303 Logistics building in the Glendale submarket off West Glendale Avenue. The company is expected to move in mid-third quarter 2022.
TOP LEASE: 1685 S. Litchfield Road, Goodyear, AZ
Space Leased: 276,700 SF
Deal Type: New Lease
Size: 276,700 SF
Tenant: Meyer Burger
Brokers Involved: John Werstler and Cooper Fratt of CBRE represented the landlord.
Deal Commentary: Meyer Burger is a international mechanical engineering company headquartered in Switzerland that focuses on the development and production of solar cells and their use in solar modules. The company signed a new lease for 276,700 square feet in the Goodyear submarket. The company moved in February 2022.
TOP LEASE: 5400 W. Watkins St., Phoenix, AZ
Space Leased: 244,642 SF
Deal Type: New Lease
Size: 489,284 SF
Tenant: Dedicated Delivery Professionals
Brokers Involved: Don MacWilliam and Payson MacWilliam of Colliers represented the landlord. Jeff Hays of Commercial Properties represented the tenant.
Deal Commentary: Dedicated Delivery Professionals is a freight delivery company that specializes in developing and implementing door-to-door product distribution for customers and retailers. DDP signed a 10-year lease for over 244,000 square feet in at the industrial building at West Watkins Street in the Buckeye submarket. The company moved in March 2022.
TOP LEASE: 3105 N. Cotton Lane, Goodyear, AZ
Space Leased: 238,854 SF
Deal Type: New Lease
Size: 238,854 SF
Tenant: PepsiCo
Brokers Involved: Rusty Kennedy, Patrick Feeney, Daniel Calihan and James Cohn of CBRE represented the landlord.
Deal Commentary: PepsiCo, an American international food giant headquartered out of New York known for Pepsi, Gatorade and Lay’s potato chips, signed a 10-year lease for over 238,000 square feet the Glendale submarket. The company is expected to move in the end of the second quarter.
TOP LEASE: 17500 S. 40th St., Chandler, AZ
Space Leased: 141,327 SF
Deal Type: New Lease
Size: 141,327 SF
Tenant: Intel
Brokers Involved: John Werstler, Mike Parker, Cooper Fratt and Tanner Ferrandi of CBRE represented the landlord.
Deal Commentary: Intel, a technology company headquartered in Santa Clara, California, that specializes in making computer processors, signed a new lease in a newly delivered building on South 40th Street in the Chandler submarket. The space will be over 140,000 square feet, and Intel is expected move in by May 2022.
TOP LEASE: 1818 E. Riverview Drive, Phoenix, AZ
Space Leased: 135,968 SF
Deal Type: Sublease
Size: 135,968 SF
Subtenant: Westland Distributing
Brokers Involved: Steve Larsen and Bill Honsaker of JLL represented the sublessor. Ken McQueen and Chris McClurg of Lee & Associates represented the subtenant.
Deal Commentary: Westland Distributing, a company that specializes in manufactured home supplies and shipment, subleased over 135,000 square feet off East Riverview Drive. The company moved in April 2022.
TOP LEASE: 525 W. 21st St., Tempe, AZ
Space Leased: 116,516 SF
Deal Type: New Lease
Size: 116,516 SF
Tenant: Lucid Motors
Brokers Involved: Phil Haenel, Michael Haenel and Andy Markham of Cushman & Wakefield represented the landlord.
Deal Commentary: Electric vehicle maker Lucid Motors signed a five-year lease for its new, more than 116,000-square-foot space. Lucid will be moving into the W 21st Street building in Tempe and moved in March 2022.