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PHOENIX-Armed with a plan to consolidate several Valley locations, Ferguson Enterprises Inc. has inked a 13-year lease for the 196,673 sf, four-building Bayless Distribution Center. The pact represents a 50% expansion for the Newport News, VA-based plumbing and building products distributor.

Although lease terms weren't available, an industry expert estimates the deal is valued at nearly $11 million for the owner of 111 E. Buckeye Rd. Ferguson Enterprises, a subsidiary of the West Berkshire, UK-based Wolesley, is still weighing which of its 11 local showroom and distribution locations will be consolidated.

Ferguson Enterprises will move into the complex in late July, according to Thomas Atkinson, a partner with Grubb & Ellis|BRE Commercial LLC who's represented the company for several years. "We looked for 12 months," he tells GlobeSt.com. "The main criteria were a central location and plenty of yard space for storage. The difficult part was finding a building with enough yard." He says the company even considered a build-to-suit, but eventually decided against the option due to expense and time.