Giant electronics retailer signs lease at Goodyear industrial facility

Giant electronics retailer signs lease at Goodyear industrial facility

Article Originally Posted By PhoenixBusinessJournal On November 30, 2021

Best Buy Inc. Co. (NYSE: BBY), the national electronics and appliances retail chain, recently signed a lease for more than 800,000 square feet in a Goodyear industrial facility, according to multiple sources.

The Richfield, Minnesota-based retail giant will operate a distribution facility in the PV303 industrial park, a 1,600-acre master-planned business park that will include about 20 million square feet of industrial, office and retail space at full buildout.

The building, called First Park Pebble Creek, is at 4580 N. Pebble Creek Parkway and was expected to deliver this year, according to marketing materials for the project. The lease was signed in early Q4, sources said.

The building was marketed as 547,764 square feet, but Best Buy chose the site since the facility had an option to expand, according to sources familiar with the deal. Marketing materials say the building is expandable up to 1.2 million square feet.

The site is located between Camelback and Indian School roads just east of the Loop 303. Other industrial users nearby include XPO Logistics, UPS, Ball Corp., Dick’s Sporting Goods and REI, among others.

Phoenix-based Merit Partners Inc., which declined to comment, developed the project in partnership with First Industrial Realty Trust Inc., marketing materials show.

Best Buy did not respond to a request for comment about the Goodyear lease.

The retail giant is leasing about 10,426,000 square feet of distribution space in the U.S. and 1,496,000 internationally, according to Best Buy’s most recent annual report in March. The company also owns 3,168,000 square feet of distribution space in the U.S.

Best Buy also has about 22 domestic stores in Arizona out of nearly 1,000 stores across the U.S. Of the locations, about 934 are leased, while 24 are owned and 33 are owned buildings on leased land.