The 71,688-sf building, which is located in the 7th Street Business Park, is now 100% occupied, according to Rick Collins, a marketing associate with Ross Brown Partners Inc., who represented the building owner, Jackson, MS-based EastGroup Properties Inc. Besides Collins, the REIT's Phoenix team included Cami Boyd and Curtis Brown, also with Ross Brown Partners.

"This is a huge company that already has a big presence in the Valley," Collins says. Exel Logistics is an international third-party logistics company that counts several Fortune 500 companies as clients. The company was represented by Jim Wilson of Cushman & Wakefield of Arizona Inc.

Collins tells GlobeSt.com that the 17-year-old distribution facility, located in the South Central Phoenix submarket, is rail-served and readily accessible to Interstate 17 along with 10-foot, dock-high doors and 27-foot clear heights. Similar buildings in the submarket lease for $4.56 per sf.