"This transaction is significant because it one of the largest industrial lease transactions completed year-to-date in Phoenix," says Pat Harlan, a senior director with Cushman & Wakefield's local office who represented philosophy. A separate Cushman & Wakefield team composed of Steve Sayre, Darren Tappen and Kyle Westfall represented the landlord, Principal Global Investors.

Currently, philosophy occupies 100,000 square feet at 7300 West Detroit in Chandler. The company needed to increases its distribution output to meet the growing demand for its products, Harlan tells GlobeSt.com. The initial survey for philosophy included 24 buildings.

"philosophy chose this location because of its excellent location, overall functionality and corporate image," Harlan explains, adding that the skincare and beauty company signed a long-term lease in 303,495-square-foot building. Additional amenities that attracted philosophy include 46 dock-high loading positions, a clear-height of 32 feet, and secured truck courts.