"Southbank is a submarket with a variety of buildings, including flex office and flex industrial. This is one of the few distribution buildings in that pocket of space," Rick Collins, an associate with Ross Brown Partners of Phoenix, tells GlobeSt.com.
Built in 1998, the 102,201-sf building is an owner-occupied property that's fully occupied. John and Jenise Luttgens of Temecula, CA bought the asset three years ago, putting in their Professional Hospital Supply company as the lead tenant. Courier Graphics will move into space set to be vacated before summer by Corporate Express.
The Southbank building quoted rent ranges from 37 cents to 40 cents per sf, Collins says. It offers standard warehouse distribution amenities in a submarket with few distribution facilities. "The lion's share of users in that submarket are not distributors. They're higher-end office users," he says.
Industrial properties in the East Valley do enjoy lower-than-average vacancy rates, in some cases half of what other submarkets in Phoenix presently boast. At the first quarter's close, the East Valley's industrial market registered a vacancy rate just a shade below 9%. Collins, Cameron Boyd and Curtis Brown of Ross Brown Partners represented both parties.
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