Tucson, Az, October 30, 2009

Grubb & Ellis Company Represents Intercontinental Real Estate Corporation in Securing 101,436 SF Lease

Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented Intercontinental Real Estate Corporation in its lease of a 101,436-square-foot industrial building, located at 2929 E. Corona, to APAC Customer Services Inc.  Financial terms of the 10-year lease were not disclosed.

Bill DiVito, senior vice president, and Howard Kong, CCIM, vice president, managing broker, represented Intercontinental Real Estate in the transaction. 

“Long-term leases have become a rarity due to the economic downturn, but the highly skilled labor pool Tucson has to offer encouraged APAC to sign a 10-year lease within our market,” said DiVito. “Additionally, APAC was comfortable executing a long-term lease due to Intercontinental Real Estate’s reputation for exceptional tenant care.”

The asset is part of a six-building, 616,433-square-foot portfolio owned by Intercontinental Real Estate and managed by Grubb & Ellis Management Services.  Matthew Flotta, of Intercontinental Real Estate Corporation, serves as the asset manager of the company’s properties in Tucson as well as other western states.

APAC, which immediately took occupancy of 2929 E. Corona, is a leading provider of customer interaction solutions for market leaders in retail and business services, communications, healthcare, insurance and financial services, media and entertainment, and travel industries.  The company plans to use the space as a call center.   

Established more than 50 years ago, Intercontinental is an SEC registered investment advisor and real estate operating company with expertise in real estate investment development, construction management and asset management. The company has developed real property assets, valued in excess of $6 billion, across all property types, including commercial, mixed use, hotels, recreational and residential projects. 

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