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TEMPE, AZ-Continental Promotions Group has taken over the former location of a Wells Fargo processing center with the signing of a five-year, 52,000-sf lease in a freestanding flex property at the 33-acre Warner Crossing Business Park. Continental, which handles rebates for national clients such as Costco and Best Buy, will take over the space, located at 1120 W. Warner Rd., during January 2006.

According to Don Rodie, senior director of Cushman & Wakefield’s Phoenix office, the company is relocating from its current site at 7405 E. Monte Cristo Ave. for two reasons—to cut costs and boost labor.

“The real estate market where they are now drove rental rates to the point where it was painful for them to stay there,” explains Rodie, who with Andy May from Cushman & Wakefield’s Tampa, FL office represented the tenant in the transaction. Additionally, Rodie tells GlobeSt.com, the labor profile in Tempe fits better with what the company requires. “They could lose some employees with this move because of the distance, but they’ll have a deeper base of labor in the new location,” Rodie adds.

The quoted lease rate of the 1995-constructed property is 90 cents per sf triple net. “There will be significant improvements made to the space,” Rodie adds. “They need to build-out offices add a lot of the operational functions, and so on.” Rick Lee with Phoenix-based Lee & Associates represented the landlord, New York, NY-based iStar Financial Inc. in the transaction.

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