Tag Archives: Rusty Kennedy

N  Loop 101 Photo

North Loop 101 business center sells for more than $41M

CBRE has announced the sale of North Loop 101 Business Center in Phoenix. The class A, multi-tenant business park is comprised of four buildings: 950, 960 West Behrend Drive and 19810, 19820 North 7th Avenue. The property commanded a sale price of $41.75 million.

Dan Calihan, Ashley Brooks, Pat Feeney and Rusty Kennedy with CBRE’s Phoenix office negotiated the sale on behalf of the seller, a subsidiary of RREEF Property Trust. The buyer was AR North Loop, LLC of Los Angeles.

“The Valley’s investment climate continues to improve, and we saw a significant amount of interest in the property,” said CBRE’s Calihan. “There is a lack of high-quality, vacant office space in the Deer Valley submarket that also offers high parking ratios. The buyer should see significant return on investment as they lease up the remaining vacant space.”

The property was 86 percent leased at time of sale with three vacant spaces. Major existing tenants include L-3 Communications, NPL Construction and National Dentex Corporation, among others. Located in the Deer Valley submarket and situated in one of the Valley’s deepest labor pools, North Loop 101 Business Center allows tenants to draw employees from a variety of markets, including North Scottsdale, Deer Valley, Kierland, MetroCenter, Midtown and Arrowhead.

Estrella BP, CBRE, WEB

Propak Logistics leases 50KSF in Phoenix

CBRE has completed a 48,735-square-foot lease at Estrella Business Park located at 1010 S. 65th Avenue in Phoenix. Propak Logistics, Inc. has leased the space marking the companies first location in metropolitan Phoenix and bringing the property to 100 percent leased.

Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office, along with Bob Pielsticker of CBRE Tulsa, represented Fort Smith, Ark.-based Propak. The landlord, EJM Development Co. of Los Angeles, Calif. Propak, negotiated on its own behalf.

This was a unique user requirement and the space at Estrella Business Park was a perfect match. The space in question is an end cap with an adjacent 3-acre side yard, which will allow Propak to meet the needs of their major clients in and around the metro area,” said CBRE’s Feeney.

This transaction is another testament to the health of the Phoenix industrial market. Leasing activity, particularly in the 20,000 to 200,000-sq.-ft. range, has been strong all year,” continued Feeney. “In fact, year-to-date these types of transactions total more than 1.4 million sq. ft. of absorption. This is important because the overall health of the Metropolitan Phoenix industrial market has historically been supported by midsized users/space and this size range shows no signs of slowing as we round out 2014 and head into 2015.”

We are very happy to have Propak as one of our valued tenants in the Phoenix market and look forward to a long and mutually beneficial relationship with the company,” said Fred Stiles, Regional Director with EJM Development Co. EJM, one of the largest industrial property owners in metropolitan Phoenix, currently owns 5.5 million square feet of industrial buildings across the Valley.

Propak, a provider of leading-edge logistics, transportation and supply chain management solutions, will use the new location to service Walmart, one of the company’s major clients. Propak is a major pallet supplier for the retail giant and the new space at Estrella Business Park is conveniently located between two of the company’s major distribution centers in Casa Grande and Buckeye. Propak’s lease brings Estrella Business Park to full occupancy.

Goodyear Gateway South, EJM Development

Michael Lewis Co. buys parcel in Goodyear Gateway South

Goodyear Gateway South, the 221-acre industrial zoned park being developed by EJM Development Co. just north of the Phoenix Goodyear Airport, has announced its first user. Michael Lewis Co. (MLCo) has purchased a 30-acre parcel for development. The financial terms of the transaction were not disclosed.

Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office represented EJM Development in the transaction. MLCo was represented by Andy Cloud with Cassidy Turley.

MLCo is a global provider of in-flight and catering products, logistics and supply chain management solutions. MLCo plans to build a 250,000-square-foot warehouse and distribution facility on the newly-purchased, 30-acre parcel at Goodyear Gateway South, taking advantage of the park’s foreign trade zone (FTZ) designation. This facility marks an expansion for the company in metropolitan Phoenix. The new facility will increase the company’s current operation and will feature a combination of refrigerated space, dry storage and office space

“This purchase and planned facility is a great example of the draw of an FTZ designation,” said Fred Stiles, Regional Director with EJM Development Co. “FTZ status allows metropolitan Phoenix to compete for companies doing business internationally. What’s more, in Arizona there is an additional tax benefit for properties in FTZs that allows for significant reductions in both real and personal property tax.”

“We are thrilled to have Michael Lewis Co. locate in Goodyear” said Mayor Georgia Lord. “This addition to our business community will bring with it more than 100 jobs and helps us launch one of our premier employment corridors – the Goodyear Gateway South development. We appreciate EJM Development’s investment in infrastructure on this property. As a result of our strong partnership with them, we are confident we will continue to see industry investment in this area and additional jobs for our City.”

This land purchase comes just months after EJM Development broke ground on significant infrastructure at Goodyear Gateway South. In May of this year the developer began work on $5 million worth of construction on streets and utilities, which is nearing completion and should be finished by year’s end. The street improvements include full width 143rd Avenue from Van Buren Street to Yuma Road and improvements to Yuma Road, as well as a traffic signal at 143rd and Van Buren.

“EJM strategically laid the framework for the Goodyear Gateway South,” said CBRE’s Feeney. “The West Valley has emerged as the next epicenter of major commercial development in metropolitan Phoenix and major employers are looking to locate and expand in the Valley. It’s important that we are able to offer high-quality, industrial-zoned, shovel-ready sites. The development of infrastructure, streets and utilities at Goodyear Gateway South is a major step toward being ready for incoming users.”

The 221-acre, foreign trade zone-approved Goodyear Gateway South is ideally situated for users that transport goods intra- and inter-state. Additionally, the park provides companies access to the talented, deep and productive workforce living in the immediate area, while freeways put it within an hour of all 3.8 million workers in Greater Phoenix. Goodyear Gateway South is part of the larger Airport Gateway at Goodyear master-planned community. At build-out, Airport Gateway will feature approximately 3 million square feet of planned industrial/work space at Goodyear Gateway South and at Goodyear Gateway North, home of the Cancer Treatment Centers of America’s state of the art medical treatment facility, an additional 2.5 million square feet of upscale regional retail, hotel, office and medical office uses.


CBRE - Rusty Kennedy

CBRE's Rusty Kennedy Receives National NAIOP Award

CBRE Senior Associate Rusty Kennedy has been named one of the recipients of NAIOP’s 2012 Developing Leader Award.

The annual award is presented to 13 exceptional young professionals from across the country based on their achievement in their field, as well as their outstanding contribution to the industry and the NAIOP organization.

Kennedy, who began his career at CBRE in 2007, focuses his business on the industrial market. Earlier this year, the Arizona NAIOP chapter recognized him among its Industrial Brokerage Team of the Year and named him its Developing Leader.

Kennedy is also active in industry and community organizations including vice chairperson of NAIOP Arizona’s Developing Leaders Steering Committee, a member of the Council of Supply Chain Management Professionals, Southwest region leader of CBRE’s National Associate Industrial Broker Network, Young Life leader at Camelback High School and a board member of the Junior Golf Association of Arizona.

The developing leaders will receive their awards at a presentation at NAIOP’s national conference, which will be held in October 2012 in Washington, D.C.