PHOENIX-To accommodate its growth, Valley Transportation has leased 19,494 sf at 1511 S. 47thAve. for three years. Valley is a local moving and storage company.

“They needed extra warehouse space because they needed to service a new contract,” says Marc Hertzberg, a senior associate with Grubb & Ellis/BRE Commercial LLC. Hertzberg and senior vice president Tony Lydon represented both Valley Transportation and building owner EJM Development.

Hertzberg tells GlobeSt.com that Valley Transportation did not have a lot of options due to time constraints–the company needed to move into the new space immediately. “EJM had already started office and industrial improvements to the building on a spec basis,” he explains. “If the space had been a vanilla shell, it wouldn’t have met their time frame.”

Moreover, Valley Transportation executives wanted to be as close as possible to company headquarters, the broker explains. The firm owns its 70,000-sf headquarters building at 6652 W. Buckeye Rd.

Built in 2002, the 330,000-sf building at 1511 S. 47th Ave. is less than one mile away from the company’s Buckeye facility. It is now 100% leased. According to Hertzberg, the building leases for $3.84 per sf per year triple net.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

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 © 2024 ALM Global, LLC. All Rights Reserved.