(To read more on the industrial market, click here.)
TAMPA, FL-In a move into the metro area, West Logistics Group, Inc. has signed a lease for 74,970 sf at Meadow Creek Distribution Center here. The deal brings the occupancy at the industrial property to 73%.
Advantis Real Estate Services Co., a partner in GVA Worldwide, negotiated the long-term lease to the new tenant. GVA Advantis' Jeff Bardin, senior director of industrial services, and Trey Carswell, associate director, repped the landlord, EastMeadow Distribution Center, LLC. Colliers Arnold repped West Logistics Group.
While not revealing specific rental rates, Carswell tells GlobeSt.com GVA is quoting $4.50 per sf NNN for the park. The space is a new location for West Logistics, which has other locations in Atlanta, he adds.
Meadow Creek Distribution Center has two single-story, multi-tenanted bulk distribution buildings totaling 265,340 sf. Buildings A and B are located at 1206 and 1210 US Highway 301 North in the east Tampa industrial market. They were built in 1991.
GVA Advantis' Tampa market report for first quarter 2006, the latest available, says industrial vacancies have dropped to a six-year low in the first quarter fueled by high demand for warehouse/distribution space. It also states that demand, coupled with limited new product, has pushed rental rates higher, increasing 25% over the past 12 months.
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