Tony Lydon, Mike Haenel, Andy Markham, Marc Tuite and Gary Anderson, all of Grubb & Ellis Co.'s Phoenix industrial advisory group, represented the building owner, Globe Corp., at the bargaining table. Equis' Dev Gupta and Rick Collins spoke for the tenant.
Lydon tells GlobeSt.com that Menasha is rolling its East Valley and Central Phoenix locations into the Riverside Commerce Center facility. It is estimated that the 158-year-old packaging company will save 33% on its operating side.
Riverside Commerce Center is a 215,000-sf facility that is 75% occupied, with leases pending for the balance. Terms of the Menasha deal are not available, but Lydon did say it was a long-term commitment. The industrial space is bringing 26 cents per sf annually.
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