The company signed a 10-year lease worth $3.5 million for 59,113 sf at 21415 N. 15th Lane in Deer Valley. With an anticipated move-in date of early July, American Standard will use the space--owned by Mack Arizona of Tucson--for its regional offices plusdistribution. The space is approximately 20,000 sf larger than its current location at the corner of 51st Avenue and Buckeye Road, Jim Wilson, a senior director in Phoenix fo Cushman & Wakefield of Arizona Inc., tells GlobeSt.com.
The Mack Deer Valley project includes five buildings totaling about 213,000 sf. Renovations will require about two months prior to the company's relocation.
American Standard additionally signed a five-year lease for 54,560 sf at 2075 W. Obisbo Ave. in Gilbert. The five-year-old space is about 25,000 sf larger than its previous distribution space, which will be used strictly for distribution. The space stood vacant nearly a year prior to the new lease, says Wilson. A lease value was not given. Zimmerman Revocable Trust of Oakland, CA, owns the property.
"There really aren't very many distribution buildings in Southwest Valley. We really only needed 40,000 sf, but we took 50,000 because it was available," adds Wilson, who brokered the deal along with Mike Beall and Kathy Gibbs, both with Cushman & Wakefield represented American Standard in leases. The owners were self-represented.
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