X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Furniture Values International LLC found space for expansion, taking over the 323,345-square-foot warehouse and distribution facility recently vacated by Amazon.com Inc. While Amazon made plans to shift its warehouse and distribution business to 513,407 square feet at Goodyear Crossing in Goodyear, AZ, Furniture Values signed a seven-year lease for the 10-year-old Valley West Distribution Center.

CB Richard Ellis senior vice president William D. Bayless tells GlobeSt.com that expansion was the sole reason for taking space at 601 N. 75th Ave. in the southwest valley submarket. The locally based Bayless, who partnered with CBRE sales associate Andrew Brigham on behalf of the tenant, says Furniture Values also wanted a more modern facility.

Building owner Myron Zimmerman Investments in Oakland, CA, has also cooperated in the area of buildouts, Bayless comments. The owner, represented in-house by Paul Schifman in Zimmerman’s Scottsdale, AZ office, built out about 20,000 square feet for office space and display areas.

Bayless says Furniture Values has all but relocated from its 150,000-square-foot building at 2929 N. Grand Ave., though the lease doesn’t start until mid-February. Bayless kept mum about the consideration, but similar space in the southwest can lease for between $.50 and $.70 per square foot, net.

Though Furniture Values was looking at several buildings in southwest Phoenix for its relocation, Valley West Distribution Center was appealing in several areas. “It was the right size for them and the appearance is great,” Bayless remarks. “It had everything the tenants were looking for.”

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

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.