GE Parallel Design, which manufactures and distribute medical products like ultrasound equipment, will be the lead tenant in a 108,000-sf building at 4313 E. Cotton Center Blvd. The deal puts $8 million into the pockets of building owner, San Diego-based Douglas Allred Co., according to Mark Krison, a senior vice president with CB Richard Ellis Inc.'s local office.
The two-year-old building is 75% leased with the deal. The CBRE team, which includes Robert Crum and David Carder, is marketing the rest of the space at $11 per sf triple net with $15 tenant improvement allowances.
"GE Parallel Design had about four or five buildings to choose from, but liked the curb appeal of the building and its flexibility," Krison tells GlobeSt.com. He says the company will use the space for manufacturing, warehousing, distribution and office operations. The building can accommodate roughly 200 employees. About 10,000 sf will be built out for office uses, he adds.
Krison says GE Parallel Design was attracted to the location near the Phoenix Sky Harbor International Airport and building features like 100% air conditioning, sprinklers and 5:1,000 parking ratio. GE Parallel Design currently leases about 60,000 sf in several locations in the Valley. James Wilson of Cushman & Wakefield of Arizona Inc. represented the GE Parallel Design.
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