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GNC Re-Ups 112,312-SF Warehouse Spot

PHOENIX-GNC Corp. clears a $4.3-million payout for a 10-year lease to hold tight to a regional distribution center in the metro's southwest submarket. A market comparison and the building owner's plan for retention keep the 8.5-year tenant in place.

By Lee Simmons | Updated on July 22, 2004

PHOENIX-Pittsburgh-based GNC Corp. has signed a 10-year renewal worth $4.3 million for 112,312 sf of distribution space in Southwest Phoenix.

“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.

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