Largest Lease for Pinal County Signed at Clarion Partners' Central Arizona Distribution Center
6 Feb, 2012, Casa Grande, Ariz.
Commercial real estate services firm Cushman & Wakefield, Inc. has orchestrated a 114,000-square-foot industrial lease at Clarion Partners' Central Arizona Distribution Center in Casa Grande, marking one of the largest lease commitments in years for Pinal County. Mid-States Services, a wholesale/retail distributor, will relocate its regional operation to the property from another local address in an expansion move.
Cushman & Wakefield's Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt, of the firm's Phoenix-based industrial brokerage practice, serve as exclusive leasing agents for the 581,038-square-foot property. Josh Wyss of Cassidy Turley BRE Commercial served as tenant broker in the long-term lease, which carries an aggregate value of nearly $2.6 million.
Located at the interchange of the I-10 and I-8 freeways, at 2592 East Hanna Road, Central Arizona Distribution Center is part of a 185-acre, master-planned park. It features 30-foot clear ceilings, 52-foot by 46-foot column spacing, dock-high and grade-level loading, trailer parking, ESFR sprinklers, and heavy power.
"Clarion Partners situated Central Arizona Distribution Center in a desirable, high-growth area - just 50 miles from Phoenix and 70 miles from Tucson, within a day's drive of San Diego, Long Beach, Las Vegas and El Paso," Detmer said. "Upon the project's completion in 2007, Abbot Labs immediately leased 200,000 square feet to anchor the property. However, progress slowed throughout the region following the market crash. The commitment by Mid-States Services reflects a growing, post-recession momentum here."
The Mid-States Services lease brings Central Arizona Distribution Center to 76 percent occupancy. Detmer noted that the balance of the building is well suited to a single user or could be divided for multiple tenants.
Cushman & Wakefield, Inc.'s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions - totaling 141.6 million square feet in leases and 52.9 million square feet in sales - with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.