PHOENIX, April 18, 2024 – JLL announced today that it has completed a 40,415-square-foot lease for PipShip within ViaWest Group’s recently acquired six-building industrial portfolio in Gilbert, Arizona. With the addition of PipShip, the portfolio now sits at more than 98% occupied.
PipShip will relocate its distribution and e-commerce operations from Tempe, Arizona, to 2075 W. Obispo Ave. in Gilbert, representing an expansion in the metro Phoenix market. Its new location is part of the 180,087-square-foot, two-building El Dorado Tech Center, purchased by ViaWest in February as part of a $71.1 million, 428,427-square-foot infill portfolio acquisition from Clarion Partners.
“We are thrilled to welcome PipShip to our newly acquired Gilbert portfolio,” said Alex Hondros, Senior VP Acquisitions and Asset Management, ViaWest Group. “This lease not only brings our occupancy rates to an impressive 98% but also signifies the growing appeal and strategic value of the metro Phoenix market. Our focus on acquiring and optimizing top-tier industrial spaces has positioned us as a key player in supporting the expansion of dynamic and innovative companies like PipShip.”
Steve Larsen, Executive Managing Director, and Jason Moore, Executive Vice President, from the Phoenix office of JLL, represented ViaWest in its lease negotiations and serve as the exclusive leasing brokers for its Gilbert portfolio.
The JLL Capital Markets team of Mark Detmer, Greer Oliver, Ryan Sitov and Conner Nebeker-Hay represented Clarion in its February sale of the portfolio, which increased ViaWest’s Phoenix industrial footprint to 42 industrial properties spanning more than 8.2 million square feet. ViaWest has been one of the more active investors in Phoenix, having acquired 1.1 million square feet and delivered another 2.1 million square feet over the past 12 months.
“PipShip is a stand-out tenant, not only representing one of the nation’s few woman- and family-owned fulfillment companies, but also highly respected and rated by its clients,” said Larsen. “This new location gives them the space and the resources to continue to build on that success, with the support of ViaWest, who has earned its position as a superior institutional owner.”
The 2075 building totals 110,975 square feet with 30’ clear height, dock-high and grade-level doors, office space and 87 auto parking spaces (expandable). It is located in the heart of the Gilbert office market, with proximity to US 60 and the Loop 101 freeways and supported by a highly educated and diverse workforce.
In Phoenix, JLL is a market leader employing more than 550 of the region’s most recognized industry experts offering office, industrial, retail, healthcare and data center brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services, and related services within the real estate leasing, investment and management process. In 2023, the Phoenix team completed more than 120 million square feet in lease and sale transactions, with a total transaction volume of more than $1.1 billion, and directed $67 million in project management across 63 projects.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based, full-service commercial real estate investment, development and property management firm. ViaWest Group is one of the fastest growing real estate investment companies in the Southwestern U.S. with over $3.1 billion in aggregate transactions since inception, 13.2+ million square feet owned, managed and under development, with offices in Phoenix and Denver. ViaWest Group is currently seeking to acquire and develop office, industrial and multi-family buildings and land parcels in the Southwestern U.S. Visit our website www.viawestgroup.com or contact Mikele Keiffer at (602) 957-8300 x116.
