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SCOTTSDALE-In an expansion of their business, a Scottsdale-based distributor has leased 16,120 sf in an office-warehouse near the Scottsdale Airpark.

Reed Paper Co., which is a wholesale distributor of plastic and paper products to the food service and hospitality industries, is taking a spot at 15931 N. 80th St. The lease is for five years and valued at $1.1 million based on lease averages for the area.

Reed Paper is relocating into double the space from 15855 N. Greenway-Hayden Loop, which is about a half-mile from the new location. The 80th Street building is just south of Frank Lloyd Wright Boulevard and less than a mile west of the newly opened Loop 101.

The area near the Scottsdale Airpark is among the best performing of any industrial area in the Valley. At the start of the second quarter, the submarket had a vacancy rate of just 4.09% in comparison to an overall vacancy rate of 6.25%. Very little available land in Scottsdale remains for commercial development. In spite of the high demand, just 300,000 sf of new industrial space is currently under development in the area.

Broker Mike Wallis of DAUM Commercial Real Estate Services’ Phoenix office has represented the building owner, Shrimpton Industrial. Broker Mike Kane of the Phoenix office of Colliers Classic has acted for the tenant.

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