Evan Kaizer, president of Sieroty Co. in Los Angeles, says thewarehouse at 121 N. 39th Ave. is empty, but there has beentremendous interest from prospective tenants. "We just closed onthis and we hope to have some deals inked shortly," he says. Seniorvice presidents Don and Payson MacWilliam with ColliersInternational in Phoenix have the leasing assignment. According toColliers' website, the quoted rate is $5.16 per sf.

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Sieroty's local real estate includes Broadway Court, a38,530-sf, three-building office complex at 3230 E. Broadway Rd.,which was acquired in early February and 22 acres along Van BurenStreet in Tolleson. Kaizer tells GlobeSt.com that Sieroty, whichhas most of its holdings in Southern California, plans to focus onthe Phoenix market for the next six to 24 months. He adds thatSieroty is looking for well-priced, quality assets with a solidincome stream.

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Kaizer says the Reywest project was a good match although it'sempty because it's located in the far west submarket. MajesticRealty, based in the City of Industry, CA, did a first-class job onthe project, he adds. "We sold a property in Los Angeles so therewas added incentive to place some funds in a Phoenix asset," henotes.

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Sieroty's management is interested in Phoenix for a variety ofreasons, one of which is the area's growing popularity as a "secondport" city to the Long Beach and Los Angeles. "There are only somany open spaces left on which you can build in Los Angeles and theInland Empire," Kaizer points out. "Just as we grew our portfolioin Southern California, we saw Phoenix as the next logical step anda good spot for us to diversify."

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