"Jack in the Box has been very successful in the Valley," says Pat Feeney, a CB Richard Ellis Inc. exec in Phoenix, who brokered the deal along with Daniel Calihan and Rich Sparks of CBRE's San Diego office. "This new space will help facilitate the growth for the Phoenix and Tucson markets."
Feeney tells GlobeSt.com that Jack in the Box grew out of 5005 S. 40th St. "They chose a building that was coming out of the ground--a quasi-build-to-suit," he says about the upcoming relocation to 4302 W. Buckeye Dr. "It is easier to add freezers and refrigerators that way." Jack in the Box plans to begin distributing product to its Phoenix and Tucson locations in October.
Feeney and Calihan also represented the building owner, Ryan Cos. of Minneapolis, which developed the 550,000-sf Riverside Distribution Center on a speculative basis. "It's a bold move, but this building is appetizing to users," Feeney says.
Feeney adds the building is just 12% leased, but four proposals totaling 635,000 sf are being reviewed by potential tenants. The quoted rate is $3.24 per sf to $3.36 per sf per year.
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