CBRE announced today that it has signed a 42,149-square-foot lease at 1405 N. Fiesta Blvd. in Gilbert, Ariz., bringing the multi-tenant industrial building to full occupancy.
CBRE’s Evan Koplan and Serena Wedlich represented the landlord, Abington Emerson Investments, LLC, a real estate investment and management firm located in Los Angeles. NAI Horizon’s Isy Sonabed and Joseph Howell represented the tenant.
“Abington Emerson shared our vision to reposition the asset and deliver a product type that fully captured current market and tenant demand,” said CBRE’s Koplan. “With a vacancy rate of 4.04% in Gilbert for this asset class, lease opportunities with improvements in place like those at 1405 N. Fiesta Blvd. are becoming extremely difficult to find. Our marketing approach was both strategic and targeted, leading us to secure long-term leases and attract Fortune 100 credit to fully lease up the property.”
Built in 1998 and extensively renovated in 2018, the 73,282-square-foot building is currently home to two tenants including Phoenix Logistics, an aerospace and defense manufacturer, which signed onto the property in mid-2018.
Situated less than a mile from the U.S. 60, the facility is located within the Fiesta Tech Center in north Gilbert. The property is fully air conditioned and features heavy power, 26-foot warehouse clear heights, truck well/grade level loading and ample parking.