"Deer Valley is a very attractive market. It's a newer market and it's been emerging over the last few years," Cory Spanko, an associate with Wiley & Associates Commercial Real Estate LLC of Phoenix, tells GlobeSt.com. "There's such a good labor pool out there."
Phoenix-based T&A Motorsports Inc. signed a three-year lease with a $90,208 value for 3,740 sf in a multi-tenant building at 2040 W. Deer Valley Road. The deal includes two three-year options for the start-up company, Spanko says, adding the lease takes occupancy to 100% in a three-building development with 31,981 sf.
The after-market startup will move in by June 1 to a building with frontage on a major thoroughfare, a key decision-maker for backfilling space emptied by Carquest Autoparts. Jeff Yaeger of Century 21 Distinguished Properties represented the building owner, Derozona Corp. of Phoenix.
The locally based Garringer Painting Inc. penned a five-year lease, worth $113,880, for 2,600 sf of office/warehouse space at 1954 E. Deer Valley Road. This week, the commercial and industrial painting contractor will exit 2,000 sf at 302 W. Melinda Lane.
The deal pushes occupancy to 87% in a 16,000-sf building owned by Jerben Properties LLC of Scottsdale, which is represented by Spanko. Dan Howell of Wiley & Associates represented the tenant.
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