Commerceplex Talks Drive Five-Year Deal for 13,984 SF

PHOENIX-A five-year signing takes the three-building, 258,769-sf Commerceplex in Phoenix to 67% occupancy. Silverado Industries, a division of Phoenix Hard Parts, will occupy its 13,984 sf as of Feb. 1, 2002.

The tenant will triple its warehouse space with the relocation from a building at the intersection of 43rd Avenue and Van Buren Street, just three miles away. The Commerceplex, developed by EJM Development, is situated at the juncture of 75th Avenue and Interstate 10. The space is pulling 40 cents per sf triple net from the market.

Concessions are hushed, but they were made to shore up the signing. It’s a commonplace occurrence in today’s leasing environment, Mark Detmer, vice president of Trammell Crow Co.’s Phoenix office, tells GlobeSt.com. Building owners are now courting creditworthy smaller users as well as the larger ones with a few months of free rent as pro forma levels fall short in today’s economy. “There are concessions across the board from last year at this time,” Detmer acknowledges.

The Trammell Crow leasing team consisted of Detmer and vice president Bo Mills. Jeff Conrad of Lee & Associates Arizona represented building owner, EJM 75th Avenue LLC. Conrad says more deals are in the pipeline and should close “soon.”

Silverado will use the 7310 W. Roosevelt St. facility to test and manufacture, re-manufacture and re-build parts, components and transmissions for the automotive industry.