"They've shifted some of their distribution from Southern California," Steve Poole, a senior associate at Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com. "The freeway access was good for their existing clientele."
Keyston Bros. joins Southwest Fastener in the two-tenant building at 4035 W. Van Buren. Constructed in the mid-1980s, the building features the standard industrial amenities and tilt, concrete-built style. Keyston signed the lease at a starting rate of 30 cents per sf, according to Poole. Southwest Fastener resides in the balance of the30,000-sf building.
Keyston decided to sell its former location in Phoenix at 3012 W. Windsor in order to lease the new space, Poole says. The building's location next to Interstate 10 was key. With first-quarter numbers yet to be released, Poole notes that fourth quarter 2003 showed Southwest Phoenix at 13% industrial vacancy, a little higher than the market average.
Poole and Rick Foss of Grubb & Ellis/BRE Commercial represented Keyston Bros. in the lease as well as in the sale of its previous property. Bill Bayless of CB Richard Ellis Inc. represented the owner in the deal.
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.
