Ferguson plans to open the satellite office and showroom at 8340 E. Raintree Dr. in April. "It's a homerun location, perfect for what they do," Tom Atkinson, a senior associate in Grubb & Ellis Co.'s Phoenix office, tells GlobeSt.com. Atkinson represented Ferguson in the deal. Jerry Noble of Trammell Crow Co.'s Phoenix office handled talks for the building owner.
Newport News, VA-based Ferguson will occupy the entire single-story building for use as a retail and wholesale showroom. With several locations in the Phoenix area, the building is Ferguson's first Scottsdale presence. The deal was closed at close to $12 per sf.
Atkinson says vacancies typically in the single digits near Scottsdale's commuter airport, with a mix of office, retail and industrial all thriving. Canyon Honda formerly occupied the 1984-constructed building and has since moved to a different location.
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