"They needed extra warehouse space because they needed to service a new contract," says Marc Hertzberg, a senior associate with Grubb & Ellis/BRE Commercial LLC. Hertzberg and senior vice president Tony Lydon represented both Valley Transportation and building owner EJM Development.
Hertzberg tells GlobeSt.com that Valley Transportation did not have a lot of options due to time constraints--the company needed to move into the new space immediately. "EJM had already started office and industrial improvements to the building on a spec basis," he explains. "If the space had been a vanilla shell, it wouldn't have met their time frame."
Moreover, Valley Transportation executives wanted to be as close as possible to company headquarters, the broker explains. The firm owns its 70,000-sf headquarters building at 6652 W. Buckeye Rd.
Built in 2002, the 330,000-sf building at 1511 S. 47th Ave. is less than one mile away from the company's Buckeye facility. It is now 100% leased. According to Hertzberg, the building leases for $3.84 per sf per year triple net.
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