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PHOENIX-A warehouse and transportation firm has leased 206,300 sf of industrial space in the West Valley, stripping a large block from an overbuilt market. The three-year lease agreement is valued at $2.2 million over the contract term.

Freeport Logistics Inc. of Phoenix is leasing the site at 4802 W. Polk St., near the northwest corner of Van Buren Street and 47th Avenue. It is about a half mile south of Interstate 10 and adjacent to a Southern Pacific rail line. Catellus Development Corp. developed and owns the warehouse.

Valleywide, the industrial market is in a slump, but more so in Phoenix’s southwest area. The submarket contains a number of large warehouse projects plus more than three million sf currently is under construction. Dwindling demand has spiked vacancy rates and driven down lease rates. Through the first half of the year, the southwest submarket experienced more than 662,000 sf of negative net absorption, the most of any submarket and accounting for half of the Valley’s overall 1.23 million sf in negative net absorption. The southwest sector is boasting a 12.6% vacancy in comparison to a Valley average of 7.2%.

A CB Richard Ellis team in Phoenix, consisting of Joe Porter, Pat Feeney, Dan Calihan and Andi St. John, represented Catellus. Jonathan Tratt of Industrial Brokerage Inc.’s Phoenix office handled talks for the tenant.

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