The pact has a payout of $130,000, says Gary Anderson, a senior associate with Grubb & Ellis|BRE Commercial LLC. He represented the International Furniture, which distributes products made in China. Isy Sonabend of NAI Horizon brokered the deal for SB Orchard LLC of Los Angeles, the owner of the 59 N. 45th Ave. building.
"This facility will serve as the company's southwest distribution," Anderson tells GlobeSt.com. "They think there's a lot of opportunity in the Phoenix market and it's an economic option compared to California or Las Vegas."
According to Anderson, International Furniture searched for two months before deciding on the Van Buren location. "They liked the proximity to the highways and the economics," he says.
The 1980s-era building is one of five buildings in the industrial park. Sonabend says the new deal pushes occupancy to 100% in a 55,000-sf building with Werner Ladder Co. as the lead tenant.
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