Tratt pursued the deal for 420 S. 53rd Ave. after hearing that pizza restaurant, Little Caesars Inc., was looking for cold storage space in the Southwest Valley submarket, says Stein Koss of Lee & Associates Arizona who brokered the deal along with colleagues TJ Swearengin and Chris McClurg.
Koss tells GlobeSt.com that a lease commitment from Little Caesers was the impetus for Tratt to acquire the building. "The building is now 100% leased," he says.
The building, constructed in the mid-1980s, offers a significant amount of cold storage space. The pizza company took the southern half of the building and the other half is occupied by Columbus, OH-based Worthington Industries.
The structure was part of the Cabot Industrial Trust portfolio that Rreef acquired in 2001. The average rent for similar buildings in the submarket is $3.36 per sf triple net.
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