A newly constructed 173,940-square-foot industrial warehouse in the greater Phoenix submarket of Tolleson recently added a full-building lease for a total consideration of $12 million. The building was leased within two months of completion, according to Daum Commercial Real Estate.

The Daum team of Chris Rogers, Trevor McKendry, Dan Casey and Parker Houston worked on behalf of lessor, Hopewell Development, a commercial development company based out of Canada.

“Daum initially sold the unoccupied land site to Hopewell Development in June 2019 in an off-market transaction,” says Rogers. “In partnership with Sunstate Builders, the firm strategically delivered a state-of-the-art distribution facility that met current trends.”

According to McKendry, the building is fully leased to Republic National Distributing Company, a national distribution company looking to expand its presence and distribution capabilities within the Arizona market.

“The Greater Phoenix market continues to draw an influx of distribution users based on its close proximity to growing population hubs and ease of access throughout the Southwest region,” says McKendry, who notes that fourth quarter 2020 was the best quarter on record for industrial net absorption. “The lessee, who already had one location in Phoenix, was attracted to this Tolleson location situated just 10 miles outside of downtown Phoenix and offering immediate access to Interstate 10.”

The building is located at 320 S. 91st Ave.

Andy Markham, Will Strong, Mike and Phil Haenel of Cushman & Wakefield represented the tenant in the lease transaction.