Westcore has signeda 400,000-square-foot lease with ABB Electrification West80 inPhoenix. Westcore acquired the property in August last year andbuilt a spec suite on the site. The lease deal, which is for theentire property, is expected to create 100 new local jobs in themarket. The terms of the lease were not disclosed.

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"The tenant appreciated the fact that they were going to be thefirst occupant in a brand-new building, and that they could havethe entire property to themselves," Lauren Suazo,VP of leasing at Westcore, tells GlobeSt.com. "The propertyprovides multiple ingress/egress points and has cross-dockconfiguration. It is also fully secured with access gates andoffers full drive around capabilities."

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ABB plans to use the property as its West Coast distributioncenter for its Electrification Installation Products business. As aresult, the company had specific requirements for space. "Thebuilding's size met ABB's requirements, our 36-foot clear heightmet their needs for racking and our spec office suite was exactlythe amount of office area that they needed," says Suazo. "Inaddition to the in-place improvements listed, we're also providingLED warehouse lighting and HVAC in the warehouse, at the tenant'srequest."

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Overall, there was tremendous interest in the asset from awide-range of prospective tenants, which is on trend with theactivity that Phoenix has seen recently. "The activity was healthyand consistent on the building, ranging from tenants looking forthe entire space to tenants needing about half to three quarters ofthe building," says Suazo. "The activity, which happenedfrom late quarter three to quarter four 2019 exceeded myexpectations."

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Clearly, this deal was closed before the pandemic and thesubsequent economic disruption hit; however, the demand is sostrong for quality industrial product in the Phoenix market, Suazobelieves that the deal would potentially have looked similar if itwere on the market today. "We can't know what happens inside ABB,but we believe the demand for functional, high-quality industrialreal estate will only increase going forward," she says.

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As for the 100 jobs ABB planned to create, Westcore hasn'tdiscussed the status of those jobs with the tenant. "We have no wayof knowing, but you can look at their website, which lists openpositions in Phoenix," says Suazo.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.