"They outgrew the space they'd been in, that was just about a mile away, and the other location couldn't offer more to them. They have more room here and room to expand as well," says Gordon Raguse, senior vice president, office division with Grubb & Ellis/BRE Commercial LLC's Phoenix office. Raguse adds that renovations have been made to 4323 W. Olive Ave., setting up a move-in shortly for the state agency. The quoted rate of the deal was $16 per sf, with potential increases each year, he says.
Raguse and Tom Atkinson, with Grubb & Ellis/BRE's industrial office group, represented the local owner, Brookwood Olive Square Investors LP. Ashley Brooks, with CB Richard Ellis' Phoenix office was the tenant's rep.
Brookwood Commerce was once an Old America Retail Store, but renovated into an office complex. "The entire project is about 250,000 sf," Raguse tells GlobeSt.com. "It was built in the late 1970s and completely renovated about five years ago. The owner spent about $3 million to renovate it." These days, the center's occupancy is about 90%, with approximately 20,000 sf still vacant.
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