Elliott Business Park was completed in 2001 and features 783,000 sf in six buildings. The park is located at the southeast corner of Elliott Road and Hardy Drive, just 10 minutes from Sky Harbor International Airport.
Stein Koss and Rick Lee, both of Lee & Associates Arizona in Phoenix, represented the business park owners, Tempe Marketplace Commerce Associates in the lease. Jane Chen of 1st USA Realty negotiated on the tenant's behalf. A rate of 48 cents per sf triple net is quoted as the starting point in talks for the industrial space.
According to first quarter statistics, the Tempe submarket had an 11.7% vacancy in an inventory of nearly 39 million sf, of which about 10 million sf is warehouse product. The average warehouse rent is 47 cents per sf.
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