Manufacturer Shifts to 10,564 SF

TEMPE, AZ-A Twinsburg, OH-based company has shifted its location here with the signing of a five-year lease at a 10,564-sf industrial building, which will be used for its research and development facility.Cleveland Electric Laboratories Co., Inc., currently located off 38th Street and University, required more space for expansion, which is why it is relocating to the new property at 361 S. 52nd St. The company will use the new space for its R&D facility."These guys did have other alternatives in the Tempe industrial market, but this building was already in a condition that was move-in ready for them," comments Rick Collins of Ross Brown Partners Inc. in Phoenix. "They were expanding, and they needed a new building--this one was great. They practically tripled their size with this deal."Collins and colleague Curtis Brown brokered the transaction for both the tenant and the landlord, Munco Inc. of Long Beach, CA.Collins tells GlobeSt.com that, while the landlord did minor TIs for the tenant, the upgrades were mainly cosmetic, requiring carpet and painting, but not much more."Prior to Cleveland Electric, this building was occupied by GE Parallel Design," he comments. "GE's use of the space had many similarities to CE's use of the space--they were both office-lab type of companies."He goes on to say that the tenant had required a lease rate of $.58 per sf net and "we were very close to that number."Cleveland Electric Laboratories manufactures and distributes thermocouple sensors, components and platinum thermocouple wire products to end-users that work with process temperature control.