Indianapolis-based Duke Realty Corp. is developing the East Tampa property as a speculative building. Since development started, Duke has increased the ceiling height to 40 feet and expanded storage capacity by 33% to meet Iron Mountain's requirements. Fairfield Distribution Center currently has eight buildings with a total of 862,930 sf.
Duke Realty Corp. senior vice president of Central Florida operations Doug Irmscher tells GlobeSt.com that Fairfield IX is expected to be completed in July. Iron Mountain is expected to move in August.
The building is the ninth, and final, building planned for Fairfield Distribution Center. "Iron Mountain has another facility in the park," says Irmscher. "The company chose this location because of its proximity to Interstate 4 and Highway 301."
Rian Smith and Mike Davis, of Cushman & Wakefield's Tampa office, represented Iron Mountain. Duke Realty Corp. vice president of leasing and development Tim Hain, who is located in the company's Tampa office, represented Duke.
"Our experience and flexibility enabled us to adapt to meet Iron Mountain's requirements," Hain says. "As the complexity of logistics, document retention and storage and other areas of industrial development accelerates, we're well positioned to meet the needs of growth-focused corporate tenants."
According to a CB Richard Ellis Q4 Tampa Bay industrial market report, the East Tampa submarket is one of the most active submarkets in terms of new construction. Currently, there is 2.15 million sf under construction. The vacancy rate is 3.6% with average asking rental rates of $6.75 per sf.
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