Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANDLER, AZ-A seven-year lease on 40,386 sf of industrial space helped fill a three-building, 115,000 sf local complex to capacity, spurring the owner to move forward with plans to add a second phase to the development.

Island Kinetics’ more than $2 million lease of the 410 S. Benson Lane property gave the firm its own building in the Frye Road Industrial Park and filled up space that has been vacant for about a year. Diamond Audio and several smaller tenants occupy the two remaining buildings.

“It brings the project to 100% (occupancy) and will help us kick off phase two” of the development, Andy Markham, with Grubb & Ellis/BRE Commercial, tells GlobeSt.com.

Tempe, AZ-based developer, the Kieckhefer Co., which owns the Frye Road and Ellis street property in the Price Road Corridor, plans to construct a 35,000 sf office building and three general industrial flex buildings ranging from 18,000 to 30,000 sf on the site’s 40 acres, Markham says. The latest lease up actually began about a year ago when Island Kinetics first looked at the property. The firm put its lease plans on hold but returned months later to firm up a deal.

“They liked the location and the look of the building and it was the only thing in Chandler of its type,” Markham says of the firm’s change of heart. The company expects to move from its Phoenix offices into the property within the next few weeks.

Markham, along with Mike Haenel and Marc Tuite, also with Grubb & Ellis/BRE Commercial, represented the landlord in the lease deal. John Asher, with Arizona Commercial Real Estate Services in Phoenix, handled the negotiations for the tenant.

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


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.