Streetside Classics, a consignment dealer of classic and collectible cars, inked a 53K SF lease for a showroom at 614 East Auto Center Drive in Mesa, within the Metro East Valley Commerce Center. It is an example of companies opting for industrial space to fill a retail need, without facing the cost associated with retail rents.
“Events like Barrett-Jackson have put Phoenix on the map for classic car enthusiasts and the companies that serve them,” JLL senior vice president Steve Larsen said. Barrett-Jackson holds major collector car auctions in different parts of the country each year; the latest Arizona event, which had sales of $102.5M, was in Scottsdale in January.
Larsen and JLL managing director Marc Hertzberg repped Streetside in its site selection and lease negotiations. Ken McQueen and Chris McClurg of Lee & Associates repped the property owner.
Phoenix might be an up-and-coming market for classic and collectible cars, but for dealers like Streetside Classics, a key consideration is finding space that is not extremely expensive.
“The combination of Phoenix’s exceptional industrial inventory and its competitive pricing were major advantages that, ultimately, allowed Streetside to secure a high-exposure, Class-A building,” Larsen said.
“These market factors keep auto-related transactions in the Valley for showrooms, refurbishment operations and even parts distribution very robust,” Hertzberg said.
Streetside will occupy its new space late this summer. The company offers more than 1,200 cars online and in showrooms in Atlanta, Charlotte, Dallas/Fort Worth, Nashville and Tampa.
