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4/30/19
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Consolidated Electrical Distributors (CED) has inked a 10-year lease for a 51.5k sf warehouse property in Phoenix. The property is located at 1717 E. Rairdan Lane, within the city’s Central City submarket.
The new tenant, one of the country’s largest electrical supply distribution networks, is relocating and expanding from a 20k sf property elsewhere in Phoenix after nearly 30 years of occupancy. The new location will act as a significant Southwest hub for CED, which has grown to encompass more than 600 offices across 47 states through its 60-year history. In addition to relocating to a building that is approximately 30k sf larger its previous location, the firm plans to create 40 to 50 new jobs locally.
Sebastian Sica and Rich Sica with DAUM Commercial Real Estate Services represented the tenant in the deal. DAUM also worked closely with the tenant, landlord, and contractors to upgrade the asset, originally constructed in 1986, and optimize it for CED’s operations, notes Rich.
According to Sebastian, the private landlord previously operated a moving and logistics business at the location and recognized the value of retaining the asset as an investment property within the growing Phoenix industrial market after closing the company. The landlord also owns the four acres surrounding the warehouse, offering the potential for further expansion for CED or future tenants.
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