The transaction pushes occupancy to 76% in a 457,800-sf distribution center at 7375 W. Buckeye Rd. within three months of its delivery. Dealmakers didn't return telephone calls by press time to discuss the win or project details. However, the average weighted rate is 41 cents per sf, triple net, in the city's southwest submarket.
"We've suffered from a lack of available space in the industrial market and this Buckeye 75 project came on line at the perfect time to capture this tenant," Bo Mills, senior director in Phoenix for Cushman & Wakefield of Arizona Inc., says in a press release about the lease. He and C&W senor director Mark Detmer represent the developer, Mountain West Industrial Properties of Greenwood, CO.
In C&W's first-quarter report, the submarket's vacancy is just 6.4% in a 54.9-million-sf inventory. There is 5.3 million sf under construction, with year-to-date absorption already 202,216 sf.
Pilkington North America, a manufacturer of flat and safety glass for buildings and automotive markets, is a subsidiary of UK-based Pilkington plc, acquired by Nippon Sheet Glass in 2006. Its float glass divisions are located in Rossford, OH, Laurinburg, NC, Ottawa, IL and Lathrop, CA. John Myers of Ohio Industrial Cos. in Columbus, OH represented Pilkington North America in the negotiations.
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