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Sears Logistics Services Renews 83,333-SF Lease

SUNRISE, FL-The distributor signed a mid-term renewal within Sawgrass International Corporate Park. The 200,000-sf building is 42% occupied, with Sears its only tenant. Sears signed a below-market renewal, according to brokers.

By Melissa Bogdany | Updated on May 19, 2004

SUNRISE, FL-Sears Logistics Services Inc., which distributes products for Sears, has renewed its lease for 83,333 sf in here. The value of the mid-term lease was not disclosed but is estimated to be worth at least $2.1 million.The space–a mix of distribution and about 5,000 sf of office space–is located at 900 International Parkway within Sawgrass International Corporate Park. Sears is the only tenant in the 200,000-sf, 10-year-old building and occupies about 42% of it.Sears Logistics Services considered other opportunities within this market, according to CB Richard Ellis broker Jean-Claude Conte, a senior associate for industrial properties, who exclusively represented Sears Logistics Services in the transaction.”Those opportunities helped us leverage our position with the current landlord to work out a below-market renewal,” Conte says. The property owner, AMB Property Corp., agreed to do parking area improvements, he says, “which helped satisfy Sears’ needs to park small box trucks on site.”Harry Tangalakis of CB Richard Ellis represented AMB Property Corp. in the lease.

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