"Really it came down to free rent," Adam Tolson, an associate with Phoenix-based Lee & Associates Arizona, tells GlobeSt.com about the expansion talks for Trapeze Software Group Inc. "The owner has been very aggressive with free rent and improvement."
Located at 8360 E. Via de Ventura Dr., the Village at Hayden was built in the mid-1980s and consists of 11 buildings of 150,000 sf of mixed retail and office space. Trapeze will take a portion of a floor in a 35,000-sf, garden-style building near the rear of the project, according to Tolson. Turnkey improvements will drive a move in late summer from 14400 N. 87th St. in North Scottsdale.
"They will have great freeway access and they like the mixed-use aspect and that they are able to walk to lunch," adds Tolson. The now 95%-leased Village at Hayden's brokerage team has aggressively pursued new office and retail tenants, with about 65,000 sf executed in the last 12 months. Rents average $20 per sf.
With offices in the US, Canada and Europe, Trapeze Software Group manufactures and markets software used in transportation systems, including computer aided dispatch systems and traffic signals. Tolson and Kyler Kienholz, also with Lee & Associates, represented Praedium in the deal while Ron Kind with locally based Garcia Realty represented the tenant.
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