Quench Fine Wines signed a 62-month lease for 21241 N. 23rd St in a deal that brought the 203,000-sf, three-building Deer Valley complex to full occupancy, Josh Wyss with Grubb & Ellis|BRE Commercial LLC's industrial group, tells GlobeSt.com. The inbound tenant is moving from about 3,000 sf at 9319 N. 94th Way in Scottsdale's McCormick Ranch Commerce Center.
Wyss says the company was looking for small-bay distribution space for several months before settling on the North Phoenix location, the tenant's broker says. "There was nothing like it in Scottsdale," he said, adding the firm cited a reduced rent of more than 30% and the availability of air-conditioned distribution space as the reasons behind the move. The payout isn't being disclosed, but Wyss says distribution space in the area generally leases for around 60 cents per sf. Building owner EJM Development Co. of Scottsdale had Marc Hertzberg and Bruce Calfee with Grubb & Ellis|BRE bargaining its terms.
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