Contract logistics specialist Exel has leased 237,000 SF at 7210 W. Van Buren St., Phoenix, announced Jim Wilson of Cushman & Wakefield, Inc. The property will serve as a retail distribution center for a dedicated client.
Wilson and Mike Beall, industrial brokerage specialists based in Cushman & Wakefield’s Phoenix office, represented Exel in negotiating the multi-year lease. The commercial real estate services firm maintains a long-standing relationship with Exel. Pat J. Feeney of CBRE served as broker for the landlord, Utah Retirement Systems.
According to Wilson, accommodating Exel’s requirement was a challenge in the tight Phoenix industrial market.
“When we began the site search, Exel was looking for 165,000 SF, but its needs expanded almost immediately,” he noted. “High demand in Phoenix over the past year has resulted in the absorption of almost every large block of space. We were fortunate to secure this quality, well-located, institutionally owned property.”
Wilson noted that the Phoenix distribution center, which will serve the southwestern U.S., is one of five locations being rolled out to serve one of Exel’s customers. The firm provides supply chain solutions to a range of industries, including automotive, consumer, retail, engineering and manufacturing, life sciences and healthcare, technology, energy and chemicals. Exel is a wholly owned entity of Deutsche Post DHL, the world’s leading logistics group.
Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the U.S. alone, this group completed more than 6,100 industrial real estate transactions – totaling 225 MSF – with an aggregate value in excess of $6.5B.