Modern Industries lease shows hot competition for close-in industrial space
Competition for close-in, high-tech manufacturing space is strong – a trend underscored by a recent central Tempe, Arizona lease by the Phoenix office of JLL for Modern Industries, a Phoenix-based company specializing in aerospace, semi-conductor and medical high-tech manufacturing.
Through a 103,487-square-foot lease, Modern Industries will soon fully occupy the Class A industrial building at 2925 S. Roosevelt Ave in Tempe. It is one of four buildings that Modern Industries occupies in the Valley, with a total local employment count of more than 400 industry experts.
JLL Senior Vice President Steve Larsen and Executive Vice President Steve Sayre brokered the lease transaction for property owner DCT Industrial and Modern Industries.
“We had multiple groups in line to lease this entire property, which is unique given the size and specific build-out of the facility,” said Larsen. “It highlights that tech manufacturing companies are not only expanding in metro Phoenix, but remain interested in infill locations.”
The new Modern Industries building is located at Roosevelt and Southern avenues, and 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. Modern Industries will use the new space to accommodate growth within their local manufacturing operation. Move-in to the new building is slated for early 2018.