Modern Industries has signed a 103,487-square-foot lease at a new Class A industrial building in Tempe, Ariz., with building owner DCT Industrial. JLL facilitated the transaction.
Located at 2925 S. Roosevelt Ave., the new building features an extensive manufacturing infrastructure including 9,000 Amps of power, a 3,000-square-foot clean room, back-up generators and is fenced-yard capable. The company will utilize the space to accommodate growth within its local manufacturing operation.
“The existing infrastructure of this building was extremely appealing—fully air conditioned, clean room components in place, cranes running through and 9,000 amps of power, which is a lot of juice for a 100,000-square-foot building,” Steve Larsen, JLL’s senior vice president, told Commercial Property Executive. “That makes this asset very specialized for the aerospace industry.”
According to Larsen, the building was never going to sit empty, and the firm had multiple users vying for the building and ready to commit to a long-term tenancy.
“Demand for this sort of space is significant,” Larsen said. “We’re seeing quite a number of larger high-tech manufacturing or advanced manufacturing users in the market who, as we speak, are looking for anywhere from 30,000 to 200,000 square feet of space.”
The building is situated in close proximity to a number of other, existing manufacturers, and is also close to the airport, Interstate 10 and major freeways.
The property is one of four buildings that Modern Industries will call home in the Valley, with a local employment count of more than 400 industry experts. Move-in to the new building is scheduled for early next year.
Steve Sayre, JLL’s executive vice president, joined Larsen in brokering the lease transaction.
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