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Distributor Swaps B-T-S Lease for $16M Buy

SCOTTSDALE, AZ-DBL Distributing switches gears before a 144,582-sf distribution build-to-suit delivers and opts to buy rather than lease. The firm, which signed a five-year lease last year, is eyeing a late August move to the three-building, office/warehouse complex.

By Lee Simmons | Updated on June 15, 2004

SCOTTSDALE, AZ-A wholesale distributor of consumer electronic accessories has exercised a purchase option for an under-construction build-to-suit set to deliver in late August. The firm will pay $15.5 million for the three-building, 144,582-sf complex here.

DBL Distributing Inc. of Scottsdale initially signed a five-year lease with First Industrial in late 2003, but recently switched gears and decided to buy the 16648 N. 94th St. property, Kevin Czerwinski, a senior vice president in Scottsdale for Chicago-based First Industrial Realty Trust Inc., tells GlobeSt.com. The deal was tailored exclusively for DBL, but there were other investors lined up just in case, he says.

The 9.5-acre property is being built out with a 100,000-sf distribution warehouse and a 44,582-sf office building, both adjoined by a 1,600-sf connecting structure. “It was a build-to-suit, but the way we designed the building was a mutual joint effort with the ultimate goal of flexibility if it ever becomes multi-tenant,” Czerwinski says. The design allows the office component to be a freestanding two-story garden-style building from the warehouse facility, also with built-in flexibility.

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