Cushman & Wakefield has inked a 37KSF, three-year lease with Creative Touch Interiors, dba HD Supply, at EastGroup Properties’ 1002 E. University Drive in Phoenix. The firm’s Phoenix-based team of Jackie Orcutt, John Grady and Jim Wilson represented EastGroup, a Jackson, MS-based self-administered equity REIT. The tenant was represented by Pat Feeney of CBRE.
The tenant, which has relocated within the Phoenix marketplace, is a provider of interior finish solutions, as well as maintenance, repair, infrastructure and power services for the construction industry. The location will be utilized as a showroom and design center.
“The building provided an ideal location and build-out for the tenant’s needs,” said Orcutt. “EastGroup has an incredibly streamlined negotiation and lease preparation process, enabling us to move through the transaction very efficiently.”
With the signing, the 73,080-square-foot 1002 E. University Drive is fully leased. “We are pleased to have reached 100 percent occupancy on behalf of EastGroup,” said Orcutt.
Creative Touch Interiors’ new location is part of a three-building complex totaling 177,000 square feet. Located in the heart of Phoenix near a full interchange of University Drive and 7th Street, 1002 E. University Drive’s features include a 7,200-square-foot office component and 26-foot ceiling heights. Its design and location have positioned it for will-call and showroom requirements.
The metro Phoenix industrial market itself posted a positive net absorption in 2013, with a particularly strong showing in the southwest Phoenix submarket. “It’s exciting to see industrial commerce reinvent itself in this market,” said Orcutt. “The local economy is seeing employment growth in such diverse industries as trade and transportation, and the professional, scientific and technical industries — and that has started to pay off.”
“We have also seen the vacancy rate drop below 10 percent, and that has sparked new construction activity,” she said.