"We went out and evaluated the marketplace to see what options were available, and at end of the day their existing landlord wanted to keep them," Allen Lowe of Lee & Associates Arizona in Phoenix tells GlobeSt.com about the vitamin and nutritional supplements retailer's new deal for 1002 S. 63rd Ave. Terms were geared to keep the tenant in place after both GNC and the owner, 1600 Broadway LLC of Phoenix, examined similar industrial lease arrangements in the southwest submarket, Lowe says.
GNC occupies a portion of a 240,000-sf building in the Estrella Business Park. The firm moved in 8.5 years ago and kept gradually expanded. The facility is 100% occupied.
Lowe and Bill Gosnell, also with Lee & Associates, steered talks for the tenant. Barry Gabel of Trammell Crow Co. in Phoenix represented the owner in the negotiations.
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