Applied Economics of Phoenix drafted a 37-month lease for 1,618 sf at an annual rate of $18.50 per sf for the Shea Corporate & Medical Plaza at 4648 E. Shea Blvd. The tenant will move in this week. "For us, we didn't have to do anything but carpet and paint, Gordon Raguse, a senior vice president at Grubb & Ellis/BRE Commercial, says. "It fit their needs and the economics were pretty good for them." The economics delivered one month of free rent ant $1 per sf for each year of the lease, he tells GlobeSt.com.

The mid-1980s space previously was occupied by Franklin Financial Corp., which recently left for a larger office. The building is a landing spot for white-collar operations and doctors' offices. Raguse represented owner Julian Geller of Los Angeles while Scott Isacksen of Grubb & Ellis/BRE Commercial brokered for the tenant.

Meanwhile, Sundance Construction Management Inc. of Scottsdale signed a one-year office lease worth $7,296 for a 684-sf office in a 7,980-sf building at 14631 N. Cave Creek Rd. Laura Becker, broker with Daum Commercial Real Estate Services in Phoenix says the central location and ground-floor office were the dealmakers for the residential construction management firm. The lease takes the building's occupancy to 96%.