Although Circle K isn't adding any additional space, closer proximity to Loop 101 and Interstate 10 were key to making the move to Warner Crossing at 1130 W. Warner Rd. from Papago Park Center at 1500 N. Priest Dr., Rick Lee, a principal with Phoenix-based Lee & Associates Arizona, tells GlobeSt.com. Circle K plans to move into the building within 90 days. Tenant improvements are under way.

"They leased a full building that had been vacant for a year and a half. Honeywell was the only other tenant that had leased this building since it was built," Lee says. "The owner liked their credit and liked the length of the lease terms."

The West Warner Road office building was constructed in 1996, part of Warner Crossing's Phase I development of 400,000 sf of office and industrial product. Rents in the development typically hover $10 per sf, says Lee, who represented building owner iStar Financial Inc. of New York City in the negotiations.