PHOENIX, AZ – On behalf of Phoenix-based Bar-S Foods Co., the Jones Lang LaSalle Tenant Advisory Group has completed a lease that will move the Bar-S headquarters from Phoenix’s Central Avenue to the Camelback Corridor in an 11-year, 35,000-square-foot lease.
Bar-S has operated a midtown headquarters at 3838 N. Central Ave., just south of Indian School Road, for two decades. It will relocate to a 175,186-square-foot office building at 5090 N. 40th St., on the north side of Camelback Road.
The new lease takes up approximately two-thirds of the building’s third floor, allowing Bar-S to manage its growth while keeping the firm, and approximately 100 jobs, in the Valley.
“We enjoyed exceptional years of growth in our downtown location, adding more than 10 percent to our local employee base in the past year alone,” said Bar-S Chairman Timothy Day (middle left photo). “Our new location paints a bright picture for the future of Bar-S as well. It provides the flexibility we need to continue to grow and thrive in our home market.”
Bar-S was founded in Phoenix in 1981, and since then has become a leading manufacturer of processed meats and the top-selling hot dog brand in America. Last year, Bar-S was purchased by Sigma Alimentos, a subsidiary of one of Mexico’s leading industrial companies. At that time, Bar-S reported 2009 sales of $535 million and more than 1,600 employees nationwide.
“Bar-S is committed to Phoenix, and because of that was extremely thorough in its search for a new location,” said John Pierson (top right photo), Executive Vice President in the Phoenix office of Jones Lang LaSalle and broker for the Bar-S lease transaction. “We analyzed the pros and cons of a move, and structured a long-term occupancy plan within one of the most sought-after office corridors in the state.”
In September, Jones Lang LaSalle released a report ranking North America’s top 40 office markets according to asking rents. Camelback Road ranked 28th on the list, including it among the continent’s most sought-after office addresses.
“In the case of Camelback Road, vacancy rates are still high enough that most landlords remain extremely flexible,” said Pierson. “That gives companies a tremendous window of opportunity to make a jump in quality and location, but still secure long-term, fiscally responsible rental rates.”
Jones Lang LaSalle’s Project and Development Services group is also managing tenant improvements at the new Bar-S location. Construction began earlier this month and move-in is slated for December.
Jerry Roberts (bottom left photo) of CBRE in Phoenix represented the landlord, Newport Beach, Calif.-based CJK Investments, in the lease negotiations.
For further information, please visit our website, www.joneslanglasalle.com
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