4750 S 44th Place spans nearly 80,000 square feet in suburban Phoenix. Image courtesy of CommercialEdge
Industrial coworking firm Loloft has signed a leasing agreement with Workspace Property Trust for 51,902 square feet at 4750 S. 44th Place, in Phoenix, Ariz. Member move-ins will commence in 2024’s second quarter, while preleasing is already ongoing.
The location will provide a mix of shared micro-warehousing and coworking space, with available spaces ranging from 125 to 1,500 square feet. Amenities at the property will include 24-hour access, reception with guest check-in, mail handling, kitchen and common-area workspace.
Completed in 2007, the property spans 79,496 square feet and is part of the larger Cotton Center business park, which encompasses 12 buildings totaling more than 1.2 million square feet—according to CommercialEdge data. It is wholly owned by Workspace Property Trust which acquired it in 2016, the same source shows. In 2018, 4750 S. 44th Place became subject to a $15.3 million loan from Wells Fargo Bank.
Located near Interstate 10, the building is roughly 8 miles from downtown Phoenix, less than 5 miles from the Phoenix Sky Harbor International Airport and some 4 miles from Tempe. The property marks Loloft’s second venture. The company formed in 2021 and debuted with a location in Downtown Rogers, Ark. Its growth plans involve further expanding into markets such as Minneapolis, Kansas City, Portland, Ore. and Tampa, Fla.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreBrokerage, Coworking, Industrial, News, Phoenix, West, Wells Fargo Bank Commercial Property ExecutiveMember move-ins will commence in the second quarter of 2024.
The post Industrial Coworking Firm Inks 52 KSF Lease in Phoenix appeared first on Commercial Property Executive.
