December 18, 2019 – DAUM Commercial Real Estate Services recently completed the seven-year lease of 67,182 square feet of Class A light industrial space in Phoenix, Arizona, on behalf of the lessee, CED Greentech, a division of Consolidated Electrical Distributors. The lessor is international real estate investment manager Exeter Property Group.
The tenant, a full-service wholesale distributor of residential, commercial, and utility-scale solar, electrical, and renewable energy products, is relocating and expanding its headquarters from nearby Tempe, according to Sebastian Sica, an Associate at DAUM, who completed the lease alongside DAUM Executive Vice President Rich Sica.
“This was a rare opportunity for our Client to acquire one of the last available suites in Exeter’s state-of-the-art Hohokam 10 Business Center development,” explains Sebastian, who notes that Phoenix industrial vacancy fell to sub-7-percent levels in Quarter 3. “This lease and expansion will provide Greentech with ample space to seamlessly continue its ongoing sales and distribution operations, while additionally featuring a greenhouse lights showroom highlighting the firm’s eco-friendly capabilities and products.”
According to Sebastian, CED Greentech was attracted to the East Valley location for its Interstate 10 frontage and easy access to Interstate 17 and State Route 143, as well as its close proximity to Tempe, where the firm has conducted business and built relationships for more than 15 years.
Rich Sica adds: “We’ve maintained a close relationship with the lessee for nearly two decades, cultivating a deep understanding of how Greentech and its parent company operate in the market. This new location is part of CED’s formation of a central, freeway-adjacent hub in Phoenix.”
Rich notes that earlier this year, DAUM helped the firm secure a 51,105 square-foot industrial warehouse located at 1717 E. Rairdan Lane in Phoenix, approximately five miles from CED Greentech’s new location.
The property offers ample loading doors, large truck courts, an ESFR sprinkler system, 24-foot clear height, and more than 7,600 square feet of office space.
The total consideration of the lease is approximately $4.1 million. The property is located at 4535 E. Elwood Street in Phoenix, Arizona.