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| March 12, 2010
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| STAPLES EXPANDING ON WEST SIDE. . . TO OCCUPY 300,000 SQ. FT. IN TOLLESON WAREHOUSE
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| Tolleson – Staples Inc. in Framingham, Mass. (NASDAQ:SPLS) has signed a lease agreement to occupy roughly 300,000 sq. ft. of a vacant warehouse-distribution building located at 8602 W. Buckeye Road in Tolleson. The 535,213-square-foot structure is owned by a fund managed by LBA Realty in Irvine, Calif. (Steven Layton, et al., principals). The 10-year lease deal is believed to be valued at roughly $10 million. Allen Lowe and Matt Hobaica of Lee & Associates Arizona Inc. in Phoenix represented LBA Realty in the negotiations. Staples was represented by David Ginther of Fischer & Co. in Dallas, Tex., along with Pat Feeney, Joe Porter, Dan Calihan and Rusty Kennedy of CB Richard Ellis in Phoenix. Staples, the world’s largest office products company, is expected to occupy the Tolleson building this summer. The company is expanding and relocating from a small distribution facility it now operates from on 27th and Georgia avenues in Phoenix. Sources say that property is under contract to be sold. Staples has grown significantly since 2008 when it acquired Corporate Express, a Netherlands-based office supply company with a large presence in Europe. A leased warehouse Corporate Express has at 75th Avenue and just south of Interstate 10 will also be consolidated into the new facility. In February 2008, BREW reported the LBA Realty fund buying the building Staples will occupy as part of a $73 million deal that included 1.1+ million sq. ft. of industrial space in Tolleson. The four-building project, called Westside Business Park, is 62 percent leased. The warehouse-distribution development is comprised of a 164,210-square-foot structure at 8590 W. Buckeye Road, a 203,372-square-foot building at 901 S. 86th Avenue, a 203,372-square-foot structure at 859 S. 86th Avenue and the building Staples is occupying. The rest of that structure is available, as well as portions of two other buildings at Westside Business Park. Lowe and Hobaica have the leasing assignment. In May 2006, LBA Realty acquired Bedford Property Investors Inc. of Lafayette, Calif. (NYSE:BED). That $432 million deal included about 6.5 million sq. ft. of office and industrial buildings in 72 properties located in California, Arizona, Colorado, Oregon and Washington State. The contact at Staples is Tom Colarusso . . . (508) 253-5000. Reach Bob Hubbard of LBA Realty at (480) 921-3202. Talk to Ginther at (972) 980-7100. The CBRE agents are at (602) 735-5555. The Lee & Associates agents are at (602) 956-7777. |
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