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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.

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