PHOENIX-As part of its acquisition by 2-20 Records Management LLC, Arizona Records Storage Center LLC is expanding its local presence with a 139,070-square-foot lease at Papago Distribution Center Building Two.
The long-term deal represents the largest lease ProLogis has signed in the Phoenix market, according to Jeff Foster, vice president and market officer for ProLogis in Phoenix. It also is one of the larger leases to be signed in the market at large, he points out.
The Arizona Records Storage lease brings ProLogis’ 3.3-million-square-foot Phoenix portfolio close to 85% occupancy, Foster tells GlobeSt.com. “We’re right in line with the market,” he adds.
Arizona Records Storage is currently an existing tenant in another ProLogis facility, occupying roughly 20,000 square feet near Pima Avenue and 7th Street. Foster says the deal came about very quickly once the tenant notified ProLogis of its pending acquisition and need for expansion space. The company had already been in the market searching for space when ProLogis jumped in fray.
ProLogis has two facilities that would fit Arizona Records Storage’s requirements. It ultimately decided on the 206,263-square-foot distribution center located off West Van Buren Street between 43rd Avenue and 51st Avenue.
“We delivered aggressive, compelling economics and showed them we were the best overall value,” Foster contends.
The industrial building had been empty for nearly a year, Foster says. After Freeport Logistics vacated the facility, ProLogis gave it a makeover including new interior and exterior paint, new fencing and lockable gates and an updated office area. “We did a lot of work to the facility and really cleaned it up,” he notes.
2-20 Records Management and Arizona Records Storage were represented by Jason Goldman and Jim Wilson with Cushman and Wakefield. ProLogis was represented internally.
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