PCA Renews 121,200-SF Lease

ORLANDO-Packaging Corp. of America, one of the leading producers of shipping containers in the US, could have moved to a new, more modern warehouse, ordered a build-to-suit site or even relocated to another state. Instead, the Lake Forest, IL-based company accepted the advice of Advantis Real Estate Services Co.’s local office and renewed its estimated 10-year lease for 121,200 sf at 3786 Bryn Mawr in the city’s northwest submarket for about $1.8 million.

Advantis senior directors Bo Bradford and Tom McFadden, along with associate Mindy Pierce, negotiated for the building’s owner, Dr. Phillips Inc. David Murphy of CB Richard Ellis Inc.’s local office represented PCA.

“Our client (the owner) will not allow us to disclose either the length of the lease or its value,” Bradford tells GlobeSt.com. But area brokers familiar with the Northwest submarket tell GlobeSt.com the space at the 37-year-old property was leased for about $1.50 per sf. That rent compares with an average asking $3.75 per sf on a triple-net basis at most of the other properties in this submarket. At the Bryn Mawr property, the average asking base rent is $3.25 per sf triple-net.