"They needed a larger space and needed it to be rail served," says Steve Poole, a senior associate with Grubb & Ellis/BRE Commercial LLC's Phoenix team. "Their business is doing well and the rail requirement is a new strategy for them. Their other facility did not have rail."
Patrick Industries, which makes materials for manufactured homes, is relocating from 30,000 sf of industrial space at 750 W. Polk St. The company started looking for new space because its existing lease was set to expire at year's end, says the tenant's broker.
Poole tells GlobeSt.com that the new facility works well for Patrick Industries because the rail was in excellent condition and required no maintenance work. "The rail is ready for use when Union Pacific starts the service," he says.
The 130,000-sf, multi-tenant building, built in the mid-1990s, is now fully leased. The space leases for $3.60 per sf per year triple net. Pat Feeney and Dan Calihan with CB Richard Ellis Inc. in Phoenix represented the building owner, TIAA-CREF.
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