"This is a larger manufacturing and distributionmarket for Phoenix, with a lot of big-box distributionspace," Gary Anderson of Grubb & Ellis tellsGlobeSt.com. Anderson represented North Americanwith Grubb & Ellis colleague Pete Klees.
The one-year-old, concrete-tilt property is part of athree-building complex developed by Buzz Oates Enterprises of Sacramento, CA. North American signed the lease in an effort toexpand its Southern California operations. The companyexpects to employ just under 200 people inthe new plant, Anderson says.
Amenities include truck ramps, outside storage, 28feet of clearance and 3,000 sf of office space.Anderson notes a trend among outside companies that are expanding in Phoenix to take advantage of thecity's relatively low operating costs. Developer BuzzOates sees the city as ripe for expansion; the company has approximately 550,000 sf under construction or development in the same submarket.
As of fourth quarter 2003, the average vacancy rate in theSouthwest Valley stood at 13.2% for industrialproperties. Phoenix marked an 11% average vacancy forthe same period.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.