Phoenix wine and liquor distributor, Frontier Distributing, drafted a three-year lease for a 9,210-sf building at 3443 W. Earll Dr. in the southwest sector. The lease is valued at $165,000 for building owner, Arizona Industrial Properties Inc. of Phoenix. Located two miles from its former location, Frontier was lured by the opportunity to expand, says its broker, Jeff Conrad with the Phoenix-based Lee & Associates Arizona.
"The leasing market seems to have picked up since the beginning of the year," Conrad tells GlobeSt.com. "Ultimately the feeling is the economy is better, hiring is getting stronger and the inventory of available buildings for sale or land for sale is so diminished that leasing is happening."
A 10,177-sf lease, valued at $200,000, was penned by the Wheel Group, which made a five-year commitment for 501 N. 37th Dr. in the Martin Van Buren Commerce Park. The City of Industry, CA-based seller and distributor of custom wheels signed with ProLogis of Aurora, CO. Finish-out will wrap up in time for an early July move-in. Conrad brokered terms for the tenant while Bo Mills with Trammell Crow's Phoenix office represented ProLogis.
Synscapes of Arizona LLC wrapped up a five-year lease worth $195,000 for 5,832 sf in a 46,814-sf industrial building in the Lincoln Commerce Park. The Orlando-based distributor of synthetic putting greens will operate a regional distribution and showroom facility. Completed in 2002, the facility is one of four at 2130 S. 7th Ave. owned by Lincoln Property Co. of Dallas. Tom Louer of Lee & Associates handled talks negotiations for Synscapes and Lee & Associates' Allen Lowe represented Lincoln.
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