PHOENIX-First Industrial gets the deed from Glazer's Wholesale Drug Co. Before the week ends, the new owner says it will have a 10-year lease in hand for the 16-year-old building at 46 N. 49th Ave.
TEMPE, AZ-The ST Assembly Test Service, which caters to the semi-conductor business, will set up the office in 6,263 sf at the Agave Corporate Center in Tempe. The five-year lease is valued at $600,000 over its term.
SCOTTSDALE, AZ-Forest Health Services of Ypsilanti, MI ends a year of looking for a good site in Scottsdale. The tract on the southwest corner of Perimeter and Princess drives was earmarked for the second phase of the Sonoran Corporate Center.
PHOENIX-Neil Sasinowski of San Mateo, CA takes over the 88%-occupied Third Street Professional Building along Third Street and the 96%-occupied El Dorado Square along North 16th Street. The seller is looking to invest in larger properties.
SCOTTSDALE, AZ-The undertaking will add 1.8 million sf of office, industrial and retail space, 400 hotel rooms and 1,100 homes. Developer DMB Associates of Scottsdale is now poised to begin work on one of the largest raw tracts left in the city.
GILBERT, AZ-Newquist Ault Commercial Properties kicks off a 30-acre development, the Shoppes at Gilbert Commons. The 265,260-sf project is going in at a gateway intersection to the Valley's far southeast corridor.
CHANDLER, AZ-Colwell's Inc. hawks a Los Angeles property and buys a fully leased, 26,191-sf holding in the South Park Industrial Center. Seller CMT Investments owned the building for three years.
PHOENIX-Omaha Paper Co. is settling into its first location in Phoenix after signing a two-year lease valued at $120,000 for a building on the west side. The Nebraska firm simply felt it was time to get closer to its West Coast customers.
PEORIA, AZ-Six months after selling a Mesa project, a SoCal investment group spends $700,000 for four acres to build another self-storage facility. The 83rd Avenue project will have 700 units and only one competitor.
GILBERT, AZ-The SanTan Freeway project drives a Westcor plan for a regional mall and a power center along Williams Field Road. Mall construction starts after 2006, but work on the power center ramps up in mid-2003, GlobeSt.com is told.