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Online Luggage Company Leases 40k sf of Distribution Space in Arizona

4/26/24

Portmantos Inc has agreed to a five-year, $2.56 mil lease for 40k sf ($1.06/sf/mo) of logistics space in Tempe, AZ. The online luggage and travel accessory company will be occupying part of a Class A, multi-tenant facility located at 1120 West Fairmont St.

The property is in the city’s Airport District and is centrally located to downtown Phoenix, as well as the Phoenix sub-markets of Scottsdale, Mesa, Gilbert and Chandler. The area’s major airport, Sky Harbor International, is minutes from the logistics facility. The warehouse has a clear height of 27 feet with 12 drive-up loading docks and 47 surface parking spots.

Dan Casey with DAUM Commercial Real Estate Services represented Portmantos, which is based in Metuchen, N.J. EastGroup, the landlord, was repped by Ross Brown Partners. The lease marks Portmantos’ first expansion from the East Coast.

According to DAUM Research, as of Q4 2023 Phoenix saw an increase of leasing activity across the entire region – up 4.8% from Q3 to nearly 6 msf. Vacancies still sit well below historical averages but the market saw a rise of 135 basis points to 8.1% in the last quarter of 2023. Certain sub-markets, including the Northeast and Airport district, have fared better than other segments of Phoenix, showing lower overall vacancy rates, as well as higher asking rents and per square foot sale prices.




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