Cushman & Wakefield Negotiates 323,370 SF Lease in Gilbert, AZ
PHOENIX, Oct. 17, 2018 – Cushman & Wakefield announced today that Keter Plastic, one of the world’s leading manufacturers and marketers of resin-based household and garden consumer products, signed two leases at Fiesta Tech Center. The two leases are a combined 323,370 square feet (sf).
Pete Klees and James Harper of Cushman & Wakefield Phoenix successfully negotiated the lease on behalf of the tenant. Los-Angeles based Fiesta Venture, L.P. is the owner.
Keter Plastics leased 1300 N. Fiesta Boulevard for its manufacturing building and 1343 N. Colorado Street for its warehouse. Constructed in 1997, 1300 N. Fiesta Boulevard is 243,000 sf and features all infrastructure for a plug-and-play plastic injection molding operation, 10 dock-high loading doors and eight at grade level, along with ample parking. In addition, Keter will be performing a $6 million renovation to the building to add additional injection molding equipment. Totaling 120,700 sf and built in 2016, 1343 N. Colorado Street offers ESFR sprinklers, 32 dock-high loading doors and 30’ clear height.
“We were introduced to Keter Plastic through a long standing client and after initial discussions a long term lease made the most sense. The former plastic injection plant was a perfect fit for the Israeli company who currently has 29 locations in Israel, Europe, Canada and the U.S.,” said Harper. “Between the two leases, Keter plans to add multiple jobs to the Gilbert market.”
Located in the Gilbert submarket, one of the fastest growing municipalities in the U.S., the two buildings are centrally located near two major freeways – the US 60 and Loop 202. The Metro Phoenix industrial market absorbed 2.6 million square feet in the second quarter of 2018. The Gilbert/Gateway submarket showed the most positive absorption with an occupancy growth of 585,000 sf for the quarter, according to Cushman & Wakefield research.
About Keter Plastic
Keter Plastic is one of the world’s leading manufacturers and marketers of resin-based household and garden consumer products. With a focus on innovation driven by consumer insight, Keter provides an impressive range of furniture, storage and organization solutions. Each and every Keter product is thoughtfully engineered to combine durability of plastic, attractive design and unparalleled functionality. Their ongoing commitment to simplify and enhance the daily lives of consumers has been key to Keter’s global success.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.