PHOENIX-The Northwest US furniture manufacturer, Stanton Industries, signs for 78,406 sf of manufacturing space in a five-year deal valued at about $1 million. The industrial site is located at 2225 S. 43rd Ave. in Phoenix.
Matt Hobaica of the Phoenix office of Lee & Associates Arizona confirms to GlobeSt.com that it is the furniture maker’s first Arizona manufacturing location. He and Lee & Associates broker, Dave Johnson, escorted the tenant to about 20 properties before 43rd Avenue got the nod.
Hobaica says the deal’s clincher was the 15-year-old warehouse, spanning more than 200,000 sf, previously was used for furniture manufacturing. And, it came with a 55,000-sf option. Jim Wilson and Rob Stephens, both of Cushman & Wakefield of Arizona Inc.’s Phoenix team represented the warehouse owner, Miliani Group.
Hobaica says the area’s industrial market is picking up. Several 100,000-plus-sf tenants looking are for space. But, he says, with tenants in the drivers’ seats, negotiations are taking longer than usual.