The following leases were reported to the Real Estate Daily News for the Phoenix Lease Report December 15-19, 2014
INDUSTRIAL WAREHOUSE - 4141 W. VAN BUREN STREET, PHOENIX
PHOENIX – Colliers International of Greater Phoenix recently negotiated the long-term industrial lease of a 67,697-square-foot warehouse space from which grocery merchandizing products will be distributed regionally.
Marco Display Specialists of Fort Worth, Texas, leased the property, located at 4141 W. Van Buren Street, from 4141 W. Van Buren LLC of Beverly Hills, Calif.
The property was listed by Colliers International Executive Vice Presidents Don MacWilliam and Payson MacWilliam. The tenant was represented by Rebecca Roberts with Green Street Commercial in Avondale.
Marco Display Specialists manufactures merchandising products for the U.S. grocery market. Products include various types of displays from wine fixtures and orchard bins to portable displays and dry island carts. The firm also provides protective systems, such cart corrals, and helps design and engineer products for new construction and remodeling.
The warehouse, built in 1998 at the southeast corner of West Van Buren Street and 43rd Avenue, is situated on 10.68 acres near the I-10. The 243,039-square-foot industrial space is designed to accommodate businesses that need distribution facilities with close freeway proximity.
“The leasing of this space to Marco Display Specialists brings the property to 100 percent occupied, as the other tenant is XPEDX, a subsidiary of International Paper,” said Don MacWilliam, adding, “Both lessees benefit from close proximity to the freeway and low operating costs.”
INDUSTRIAL LEASE - HOHOKAM BUSINESS CENTER, PHOENIX
PHOENIX – Colliers International of Greater Phoenix recently negotiated the long-term industrial lease of a 37,522-square-foot space at the Hohokam 10 Business Center, currently a 405,000-square-foot complex.
J&K Cabinetry Inc. of City of Industry, Calif. leased the property, located at 4445 E. Ellwood Street #107 in Phoenix, from the Arizona Department of Transportation Right of Way Group in Phoenix.
Thomas Knaub, Vice President with Colliers International, served as the broker for J&K Cabinetry. ADOT was self-represented.
J&K Cabinetry will use the space to store merchandise and sell to local home builders. The company has locations in six other states, coast to coast, and specializes in affordable, quality cabinets.
“J&K Cabinetry was interested in this location because of the freeway signage,” said Knaub, adding, “The company is expanding into the Phoenix market and wanted a highly visible location.”
Knaub said eventually this section of the I-10 will be expanded from six to twelve lanes in each direction, thus ADOT’s involvement.
“When lanes are added to Westbound I-10, about a third of the building will be torn down but it will not affect my client, which will continue to have visibility from I-10,” Knaub said.
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