Rick Collins and Curtis Brown with Phoenix-based Ross Brown Partners Inc. represented both ATC and the Hillman Group, the master leaseholder, in the transaction. Property owner Hewson Co. of Phoenix was self-represented.
The Hillman Group, a hardware supplier with offices in Cincinnati as well as Tempe, vacated space at 9185 S. Farmer Ave. to consolidate its offices elsewhere in the city. ATC, in the meantime, relocated from PS Business Park, located at 52nd Street and Edward. "ATC was expanding at a tremendous rate and wanted to consolidate a business that was housed in multiple suites," says Collins, an associate with Ross Brown.
"The space was delivered in turnkey condition, with about 90% of it office," Collins tells GlobeSt.com. "To recreate that space in Phoenix right now, given the construction costs and lead times, it would be impossible to meet the rate or the timeline." He adds that fitting up a similar space from shell to current condition would be $1.15 psf, triple net, and that ATC received the space at a "heavily discounted rate." The terms of ATC's deal also call for a two-year extension directly with Hewson when the sublease expires.
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