CHANDLER, AZ-B/E Aerospace has signed a 15-year lease for 48,000 square feet at 10 Chandler.
The deal is the largest transaction in the East Valley so far this year, according to David Krumwiede, executive vice president for Lincoln Property Co., which developed and owns 10 Chandler. The project consists of nine buildings totaling roughly 553,000 square feet. It is an adaptive reuse development of an old manufacturing plant that had out lived its usefulness.
B/E Aerospace, which manufactures aircraft cabin interior products, is relocating to Building 2 in 10 Chandler from Honeywell’s facility at 8530 Hardy in south Tempe, AZ. Krumwiede tells GlobeSt. that B/E Aerospace had been subleasing space at the facility, but Honeywell needed to expand into the space it had previously subleased. Both companies are Boeing suppliers.
“This was a highly sought after transaction – a 15-year lease and a great credit tenant,” Krumwiede says, adding that Lincoln Property Co. worked with B/E Aerospace for roughly six months to close the deal.
B/E Aerospace was represented by Jim Wilson of Cushman & Wakefield. Lincoln Property Co. was represented by Mark Detmer, Mike Kasulaitis and Bo Mills of Cushman & Wakefield.
B/E Aerospace’s new distribution and support services will operate out of a 90,196-square foot building. The company is the first tenant in the building, which was completed about 18 months ago.
“The space is in shell condition, and the company liked the fact that they could design exactly what they needed with a fresh buildout,” Krumwiede says. Additionally, the building’s 25-foot clear height and generous truck wells suited its distribution needs.
Roughly 42% of the space is office and 58% is assembly, according to Krumwiede. The company plans to move in this summer.
B/E Aerospace’s new location offers access and visibility to Interstate 10. As part of the new lease, the company will receive signage on two monuments that will be seen by more than 145,000 drivers and their passengers every day. Additionally, the company received building signage, Krumwiede notes.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
