CBRE Executes Three Industrial Leases in the East Valley

CBRE's Mike Parker recently executed leases at three different industrial properties in the East Valley. The new leases total 142,977 sq. ft. and were signed last week.

Abbot Label Inc. signed a 50,254 sq. ft. warehouse lease at Elliot 94, located at 9342 E Elliot Road in Mesa. The Dallas-based company is relocating its label manufacturing business from Santa Fe Springs, Calif., to this new location.

"Abbot Labels toured this project the year before and provided the developer with direct feedback that would accommodate their needs," said Parker, executive vice president at CBRE. "When they recently toured the space, it was evident the developer had applied the feedback to the new speculative office suite."

The second lease was signed by Phoenix Defense Ventures at 1352 North Fiesta Blvd., in Gilbert. The engineering services and aerospace manufacturing company signed a lease for the entire 59,723 sq. ft. building.

“The developer's decision to construct a new building in a tight submarket yielded a tenant within the submarket that valued proximity to its existing operations. The building had all the right features for both distribution and manufacturing operations, enabling us to secure a local manufacturer before completion of the Project," Parker said.

The third lease was at Power Gateway 202 in Gilbert. Owl Vans signed a 33,000 sq. ft. lease. The space will serve as an expansion for its manufacturing, assembly and distribution across the nation.

"Owl Vans viewed a video distributed by our team showcasing the project, called us, and within an hour of the call, we had a proposal for their consideration," said Parker. "The landlord's flexibility and ability to grow the tenant as their expansion needs evolve significantly influenced their decision to relocate to the Power Gateway 202 Project."