PHOENIX-Forward Air Inc. has signed a five-year lease for 48,735 square feet, effectively doubling its current size. The logistics company, a business unit of Forward Air Corp., will take possession of its new space in September 2011.
The lease is valued at approximately $3.50 per square foot, which includes tenant improvements. Forward Air is currently at 2465 S. 19th Ave.
The deal means the 165,699-square-foot, three-building industrial complex at 1711 S. 47th Ave., competed by EJM Development Co. during the early 2000s, is 100% leased.
CB Richard Ellis’ Dan Calihan tells GlobeSt.com that Forward Air liked the space because of the number of loading positions and available trailer parking. Calihan, along with CB’s Joe Porter, Pat Feeney and Rusty Kennedy, negotiated the lease on behalf of California-based EJM Development.
Calihan says that, while the asset is fully leased, EJM has no plans to sell it. “EJM is going to hang onto them,” he adds. “They want to keep them for awhile.”
He also notes that a slowly improving market helped move that final block of space. “Activity has been better during the first two and a half quarters of 2011 than in 2010,” he comments. “I’d say the market is slowly, but surely, improving.”
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