PHOENIX—Liberty Sky Harbor Center at 2626 S. 7th St. has reached 100% occupancy with the execution of a long-term lease for 105,000 square feet of space by Power-One Renewable Energy Solutions.
“We are very pleased to announce this transaction for two reasons,” says John DiVall, senior vice president and city manager, Liberty Property Trust, who announced the lease. “First, we are extremely pleased to have a great company like Power-One in our growing Arizona portfolio, and second, our acquisition and total repositioning of this asset has been met with a very favorable reaction in the market. We are actively seeking more infill industrial opportunities.”
Karl Tunberg of Midland Real Estate Alliance represented Power-One in the transaction, and Bob Crum of Ross Brown Partners was the building listing broker. Power-One, which had been previously occupying the property on a month-to-month basis, will share the building with Charter Towne Inc., which leased 44,868 square feet of space in August 2013, and American Beverage Corporation, the existing tenant in the building upon acquisition by Liberty. Power-One will take possession of the space this month.
Liberty acquired the property in late 2012. Today, Liberty Sky Harbor is a 185,834 square foot Class A state-of-the-art cross-dock distribution center that offers 67 dock doors, 360-degree truck access and more than eight acres of paved area for outside storage and trailer parking. The redevelopment process put an emphasis on sustainability. Liberty re-used 85% of existing structures on site; recycled asphalt, concrete and steel that was demolished as part of the redevelopment; installed upgraded radiant insulation with an R-30 value, and used low VOC paint throughout.
Located south of Interstate 17 with access to both the I-10 and 202 freeways, the complex is minutes from Sky Harbor Airport. The property is within a short distance of another recently announced Liberty project, Liberty Center at Rio Salado, a sustainable mixed-use business park on 100 acres to be developed in conjunction with the City of Tempe.
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.
