Owner Orsett Properties Ltd. of Phoenix is quoting about $15 per sf, net, and offering a tenant-improvement allowance for the flex space. Redflex plans to relocate in September to the building at the corner of Pinnacle Peak Road and 23rd Avenue, according to Brad Anderson, senior vice president in Phoenix for CB Richard Ellis.
Redflex provides digital traffic signal and speed enforcement products and services in 20 states. Anderson says it will relocate from 15020 N. 74th St. in Scottsdale because of a dire need to expand. "This lease almost triples their size from their current facility," says Anderson, who teamed with CBRE vice president Bryan Taute to represent the tenant. Tim Whittemore of Cushman & Wakefield of Arizona Inc. handled talks for Orsett Properties.
Anderson tells GlobeSt.com that Redflex's relocation search began about 18 months ago, with the company's executive team looking at possible sites in Tempe, Scottsdale and North Phoenix. Ultimately, he says Pinnacle Peak Commerce Center's location was the deciding factor.
"Redflex has 300 employees that will be impacted by this new location," Anderson explains. "The demographic area of this location is user-friendly for employees and close to the majority of future employment." He adds that the flex building's shell condition also was a draw for Redflex. "It's tough to find that in Scottsdale," he says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.