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10/27/23
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Fox Factory Inc signed a lease for a 112k sf industrial building in the northwest Phoenix, AZ submarket of Deer Valley. The deal has a total consideration of more than $12 mil – said to be one of the largest lease deals in the area.
The property is located at 2335 West Corporate Center Dr, with immediate access to Interstate 17 and just 30 minutes from Phoenix Sky Harbor Airport. The brand-new building includes a fully secured fenced yard, 32’ clear height, 31 dock doors, and 3,000 amps of power.
At the signing of the lease, the building’s shell was complete, and the new tenant plans to build it out to suit its needs. Fox Factory has indicated it expects to create approximately 100 new jobs at their latest regional manufacturing and assembling facility, which will produce aftermarket parts for large load capacity utility task vehicles (UTVs) and all-terrain vehicles (ATVs).
Chris Rogers and Trevor McKendry with DAUM Commercial Real Estate Services represented Fox Factory, a Duluth, GA-based leader in designing, developing, and manufacturing world-renowned performance products. The company will use the site as a new regional assemblage manufacturing facility.
CBRE negotiated on behalf of the new building’s owner Meritex, a developer of commercial real estate.
Phoenix overall has seen a significant increase in new industrial construction since 2021. In the second quarter, according to Daum Commercial research, 2.1 msf of new space was delivered with nearly 55.6 msf currently under construction, representing 13.7% of total inventory.
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