Kenco signed a lease to take over 641,000 square feet in the I-10 Gateway building in Buckeye. The building, at 440 N 215th Ave., will be used for warehousing and distribution across the western half of the U.S.

Kenco was represented in the deal by Cresa’s Barrett Bufkin, William Martin and Eric Walker. Cushman & Wakefield’s Michael Haenel, Andy Markham and Phil Haenel represented landlord EQT Exeter. The Phoenix Business Journal reports that in April of last year, EQT Exeter bought up the over 600,000 square-foot space Kenco is now leasing for $60.1 million.

Across all submarkets, the Southwest Valley had the most industrial square footage under construction and delivered in the fourth quarter of 2024, according to a report from CBRE. In Q4, 15.87 million square feet was under construction across the Phoenix metro, with about 9.7 million of that in the Southwest Valley.