HD Supply is the first tenant to take space in the warehouse at6825 W. Buckeye Rd., bringing occupancy to 46%. The quoted rate is$4.56 per sf, triple net.

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The warehouse is one of two acquired in thespring by Des Moines-based Principal Global Investors fromthe Alter Group of Chicago. A 303,495-sf warehouse at 6923 W.Buckeye Rd. also is vacant.

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Gregory White, senior vice president with CB Richard Ellis inPhoenix, says the lease capped off a yearlong, valley-wide searchby HD Supply for expansion space. The tenant rep tells GlobeSt.comthat the company's management team examined 25 properties. "Thisfacility worked well because it offered lower operational costs andan ideal location," he says.

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White says HD Supply's existing 90,000-sf building at 1590 E.Riverview Dr. is now available. CB Richard Ellis has the leasingassignment.

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Pat Harlan, senior director in Phoenix for Cushman &Wakefield of Arizona Inc., says a transaction that's the size of HDSupply's is significant in a market with 265 million sf and 9.2%vacancy. "This is a quality credit tenant," says Harlan, whorepresented Principal Global with Cushman & Wakefield associatedirector Steven Sayre and client coordinator Katy Boyd. "It's asizeable chunk of space in this market, which is really good news."He adds that the activity for both buildings has been fairly stablealthough he declined to discuss potential deals for the 162-acreBuckeye Logistics Center.

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