"They came from a neighboring building. The owner was selling their facility and they needed to relocate," says Gary Anderson, senior associate with the Phoenix office of Grubb & Ellis|BRE Commercial LLC. He teamed with Paul Boyle and Rick Danis, also with Grubb & Ellis|BRE, to represent Glencoe Trust of Phoenix, owner of the 17602 N. Black Canyon Hwy. property. The church group used in-house representation to broker its terms.
Anderson tells GlobeSt.com that the organization received a better deal than the quoted monthly net rate of 80 cents per sf. The packaged deal included tenant improvements. "The facility was fully built out, carpeted and air-conditioned, so it suited their needs," Anderson adds.
The 78,000-sf Northwest Business Center is 50% leased. "Cox Communications was in the entire building at one point," Anderson says. "Now we're trying to re-tenant the property."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.