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

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

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"philosophy chose this location because of its excellentlocation, overall functionality and corporate image," Harlanexplains, adding that the skincare and beauty company signed along-term lease in 303,495-square-foot building. Additionalamenities that attracted philosophy include 46 dock-high loadingpositions, a clear-height of 32 feet, and secured truck courts.

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Located two miles from full diamond interchanges at I-10, thefacility consists of two buildings totaling 684,235 square feetthat were built in 2008 by The Alter Group and subsequentlyacquired by Principal Global Investors. philosophy's new leasebrings Building II to100 percent occupancy and brings the entirefacility to 70 percent occupancy.

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The company will move into its news space in June, according toHarlan.

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