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PHOENIX-Redcat Motors has entered the Phoenix market with the signing of a three-year lease for 19,140 sf of distribution space. Talks set up a rate just south of the monthly quote of 38 cents per sf triple net.

Formerly based in Louisiana, Redcat was founded in 2003 to import off-road products that are made in China. Its new headquarters and distribution center, one of five in the US, are located at located at 1002 E. University Dr. in 73,080-sf industrial building owned by EastGroup Properties Inc. of Jackson, MS.

“It was in turnkey condition, and ready to occupy” says Rick Collins, an associate with Ross Brown Partners Inc. He and the firm’s principal Curtis Brown represented both sides of the deal.

The Redcat lease takes occupancy to 75% occupancy. Collins tells GlobeSt.com that a pending lease negotiation, anticipated to close soon, will bring the 1980s-era building to 100% occupancy.

“The south-central distribution market, as a whole, is starting to tighten up,” Collins says. “It’s becoming harder and harder for those looking for 20,000 sf distribution spaces to find them.”

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