Continental Pet Technologies Inc. is still unpacking from its move into a warehouse spot just vacated by Wal-Mart and capping the first transaction in the West Valley for the recently merged Cabot Industrial Properties and RREEF.
Continental Pet's plan was to find adequate distribution space near its manufacturing site. A months-long search ended when Tony Lydon, senior vice president of Grubb & Ellis Co.'s Phoenix office, learned that Bentonville, AR-based Wal-Mart was vacating its half of 101 N. 104th Ave. in Tolleson, just two doors from Continental Pet's Gatorade bottle manufacturing site. "We were very fortunate to find this space," Lydon tells GlobeSt.com. "We found the needle in the haystack." The near four-year lease is valued at "north of $1.5 million," he confides.
Continental Pet is sharing the state-of-the-art distribution center with the Simmons Mattress Co. The six-year-old structure was one of a half dozen spec buildings brought on line by Cabot in Tolleson's industrial sector, which lies at the foot of the Interstate 10 and Loop 101 intersection.
According to Lydon, Wal-Mart exited the leased Tolleson space and shifted the bulk of the operation to its company-owned 1.8 million-sf distribution site in Buckeye. Wal-Mart had been a Tolleson tenant for several years. Thus, says Lydon, "it was very fortuitous for Cabot, now RREEF."
Lydon brokered the deal for Continental Pet Technologies, a subsidiary of Owens-Illinois. Jim Wilson of Cushman & Wakefield of Arizona Inc.'s Phoenix office represented the building owners.
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