Lee & Associates exceeds Parc 17 goal in less than one year
The Koss | Louer Team of Lee & Associates Arizona has successfully negotiated two leases resulting in an increased occupancy of Parc 17. The 177,770-square-foot industrial project went from 24 percent occupied to 75 percent occupied in just seven months after close of escrow.
In April 2017, Principals Stein Koss and Tom Louer sold Parc 17 to Colony NorthStar, Inc. (NYSE:CLNS), a leading global real estate and investment management firm, for $16 million. Colony projected that the property would be 60 percent leased after one year.
In September, Koss and Louer leased 52,845 square feet to Peterson Aluminum, and in early November, Polyloom leased 31,871 square feet. These leases put the team 15 percent above their target goal.
“Colony is a pleasure to work with,” said Koss. “They respond quickly and are in the business of satisfying tenant industrial needs. In addition, Parc 17 is a well-designed project in the center of Phoenix with great proximity to Interstate 17.”