First Industrial Realty Trust Inc., which purchased the 46 N. 49th Ave. property for $2 million, said it expects to sign a 10-year lease this week with an undisclosed metal fabrication firm that plans to use the structure for light manufacturing. The new tenants will pay about 26.5 cents triple net on the lease, Mike Powers, senior development analyst with First Industrial tells GlobeSt.com.
The building currently is occupied by Total Warehouse, which is expected to vacate the property in time for the new tenant's Jan. 1 takeover.
Powers said First Industrial purchased the building, built in 1986, from Glazer's Wholesale Drug Co. because of its quality design and location. "We liked it because it is a well-designed building in a quality submarket and has low operating expenses," said Powers.
First Industrial, which has developed about 500,000 sf of space in the Phoenix market in the last two years, was represented in the transaction by Insignia/ESG's Phoenix team of Don and Payson MacWilliam. The two brokers also represented the seller in the deal.
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