Done Deals: PipShip brings ViaWest’s new Gilbert, AZ industrial portfolio to 98% occupied

Sunday, April 21, 2024

PipShip brings ViaWest’s new Gilbert, AZ industrial portfolio to 98% occupied

PipShip: The 2075 building totals 110,975 SF
with 30’ clear height, dock-high and
grade-level doors, office space and 87
auto parking spaces (expandable).

PHOENIX, AZ – JLL 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.

Alex Hondros

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.

Steve Larsen

"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.

Jason Moore

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 fulfilment 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.”

Mark Detmer

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.

Greer Oliver

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.