X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.