7102 W. Roosevelt, Phoenix

Newmark Grubb Knight Frank Negotiates 3-year, 153,600 SF Lease Extension

 

Newmark Grubb Knight Frank negotiated a lease extension totaling 153,600 SF at 7102 W. Roosevelt in Phoenix.

Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with Newmark Knight Franks’ Phoenix office, represented the tenant, Summit Warehouse & Logistics in the transaction.

The landlord, First Industrial Realty Trust represented itself. Stephens and Gumulka negotiated a 36-month extension for Summit totaling more than $2.3M in total consideration. Stephens and Gumulka represented Summit in September of 2009 when it first moved into the space.

Summit Warehouse & Logistics was established in 2002 by a management team that has more than 30 years in the trucking and distribution industries. It focuses on specialized distribution requirements.

In another deal, Newmark Grubb Knight Frank negotiated a lease totaling 37,856 SF at 121 S. 39th Ave. in Phoenix.

Stephens and Gumulka again represented the Phoenix-based tenant, Summit Warehouse & Logistics. The landlord, Eastern Columbia Properties, was represented by Don MacWilliam with Colliers International.

 

POSTED: . TAGS:
AZRE

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.