X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Young’s Market Co., based in Orange CA, has entered the Phoenix market with a five-year lease for 114,871-sf in a freestanding, office/warehouse building with a quoted rate of 30 cents per sf, net.

According to Andy Markham, vice president of Grub & Ellis/BRE Commercial LLC’s industrial group in Phoenix, the lease includes an option to purchase the 200 S. 49th Ave. building during the mid-term of the lease. Young’s, one of the nation’s largest distributors of beer, wine and distilled spirits, will service retail outlets throughout the Phoenix area from the center.

“This was the appeal of the property, that we had the option to purchase,” says Markham, who with colleague Mike Haenel represented the tenant in the deal. “There was plenty of space available out there, but this was the only one in the trade radius that was freestanding, with an option to buy, at some point, during the rental term.” Gary Anderson and Tony Lydon, also with Grubb & Ellis/BRE, represented the local owner, Maksil Investments Co. LLC.

Markham tells GlobeSt.com that part of the deal involved improvements to the sprinkler system as well as an undisclosed allowance for the tenant to build 20,000 sf of refrigerated space. “They need that to keep the wine at a constant temperature of 70 degrees,” Markham adds.

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.