Office Warehouse, which conducts auctions of office equipment, inventories and furniture, leased a 104,200-sf warehouse at 4633. W. Polk St. The warehouse is at the northwest corner of 43rd Avenue and Van Buren Street, and just about a half-mile south of Interstate 10.
The eight-year lease is valued at between $8 million and $12 million, based on industry averages.
The owner of the building is National Brands Inc. of Phoenix.
Freeway development in the west Valley has caused industrial users to flock there over the past three years, as land prices escalated elsewhere. At the start of the fourth quarter, the southwest Phoenix submarket had a vacancy rate of 7.63%, compared to an overall vacancy rate of 7.69%.
The Phoenix office of CB Richard Ellis, with brokers Joe Porter, Pat Feeney and Dan Calihan, represented the building owner in the transaction, while the Phoenix office of EBS & Associates, with brokers Fred Buck and Ron Schooler, represented the tenant.
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