Walker Welford, director of industrial property for Taylor & Mathis Inc., the building's developer and owner, says the tenant originally sought about 30,000 sf but changed course during negotiations to more than double the amount of space. Partly because of the shift upwards, Welford says the landlord was willing to accept a four-year lease term, one less than it preferred. "A five-year lease would be standard, especially on a first-generation building like this," he explains. "It's basically what you need to pay back costs."

The fact that the tenant took options for three four-year extensions helped make the shorter term palatable, says Michael Engelhaupt, owner of Match Point Real Estate Services, which represented Potter Roemer in the transaction. "Signing for four years is their standard way of doing business," he tells GlobeSt.com. "That's the only deal they were willing to consider."

City of Industry, CA-based Potter Roemer quickly zeroed in on the Suwanee Pointe building because options for properties meeting its height specifications were limited, Engelhaupt says, adding: "There were only one or two buildings available that fit their criteria." Welford says the annual asking rate for the property is $14.40 per sf triple net, with a tenant allowance of $5 per sf.