Document Command is a corporate mailroom service that filters your regular mail and emails it or sends it in an envelope. The client then tells Document Command whether to shred it; open it and then scan and email the contents; or send it on via regular mail.
The value of the lease commitment was not immediately available. The asking rate prior to the deal being signed was $0.35 per sf per month for warehouse space, but the rate on the space Document Command took has been available at a discount because it is essentially a giant pallet racking system with 50-foot-high ceilings.
Steve Marcy of Portland-based Integrated Corporate Property Services has the leasing assignment for the building, which is located at 14400 SW Millikan Way. Marcy says the pallet racking systems hold up the roof. It was done that way so Tektronix could classify it as equipment rather than real estate and therefore depreciate the investment more quickly, he says.
William Felton Assoc. and Time Equities acquired the property along with three other Tektronix properties in 1999 for $19 million. Prior to getting the leasing assignment, Marcy represented most of the existing tenants in their lease negotiations for space in the building.
Shortly after the building's acquisition, Marcy represented Cameraworld in a six-year, $4-million headquarters lease for 91,000 sf that commenced in March 2000. In February 2001, Atlanta, GA-based Polyvision Corp., an international manufacturer and installer of visual communications products, signed a five-year, $1.4-million deal for 50,000 sf that was brokered by Cliff Finnell, Dave Squire and Brad Fletcher, who were then all with Grubb & Ellis. Poorman Douglas also took 30,000 sf that year.
In 2002, Cameraworld was acquired by Ritz Interactive and wanted out of its space. It hired Marcy to sublet the space. Instead, in June, Marcy and Dave Squire of Grubb & Ellis brought Wilshire Financial Services to the table, which caused the ownership to tear up Cameraworld's lease in favor of a 10-year, 124,000-sf deal with Wilshire, which consolidated its operations there and now occupies about 135,000 sf. Between then and the Document Command deal, a business called The Courts leased 30,000 sf that it uses for indoor volleyball tournaments and training, says Marcy.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
