"Dealing with Rreef was great. They had just put in an all-new build out," Kris Martin, a senior associate with Grubb & Ellis/BRE Commercial's Phoenix office, tells GlobeSt.com. "It made it much easier to walk into a pretty fresh building."
Located at 1150 W. Alameda St., Alameda Center consists of four multi-tenant industrial buildings constructed in the mid-1980s. With one building presently empty, the complex boasts around a 70% occupancy. Architectural Component Services signed its lease at a starting rate of 43 cents per sf, Martin says.
Rreef recently conducted some property improvements prior to Architectural Component's deal, including a new paint job and installation of carpet in the building. Tempe's industrial vacancy rates--7.8% at most recent reporting--are relatively strong for the entire Phoenix metropolitan market, says Martin who was the tenant's rep. Bob Hubbard with CB Richard Ellis Inc. bargained Rreef's terms.
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