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.