Avsets will shift inventory into the 7275 W. Detroit St. building from its headquarters at 7240 W. Erie St. The four-year lease has a payout of about $700,000, according to Andy Markham, an industrial broker with Grubb & Ellis|BRE Commercial LLC. He, Mike Haenel and Marc Tuite represented the building owner, Los Angeles-based Ritter Development. Avsets was represented by Jerry McCormick in CB Richard Ellis Inc.'s Phoenix office.
Markham says the firm needed another 20,000 sf. "They were maxed out and had an immediate need," he tells GlobeSt.com, adding Avsets wanted the storage space to be close to the headquarters.
The Detroit Street building, built in 1990, has been vacant three months, Markham says. It previously housed OroWheat, a division of Mexico-based Bimbo Bakeries Inc. The food manufacturer relocated to a build-to-suit in Tempe, he adds.
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