The local company signed for another 10 years, says Devpal Gupta, head of Equis Corp.'s Phoenix office who represented Consolidated Container. The plastics manufacturer is the only tenant in the 1970s-era building, which is owned by Scottsdale Property Management. The building owner was represented in-house by David Ressor.
While Gupta declines to disclose the exact value of the lease, he notes similar space goes for 25 cents per sf to 26 cents per sf--making the Consolidated Container lease worth about $1.9 million.
Gupta tells GlobeSt.com that Consolidated Container's manufacturing plant is within one mile of the its current distribution facility. The proximity was key in renewing the lease. "We took a look at the market and this made the greatest sense because of the highcost of relocation," he says.
According to Gupta, the new agreement called upon Scottsdale Property Management to make roof repairs, update office space, upgrade electrical service to the building and add fire sprinklers.
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