Search
 

Two Office Deals OK'd in North Phoenix

PHOENIX-The two leases, filling a combined 2,272 sf, go to a software programmer and residential builder. The largest space taker gets a spot in Shea Corporate & Medical Center in deal-making delivering one month free rent and $1 per sf bumps per year.

By Lee Simmons | Updated on June 21, 2004

PHOENIX-Two office leases in North Phoenix close off 2,272 sf in quick-turning deals with a software programmer and a residential homebuilder.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.