The company signed a 10-year lease totaling 147,197-sf lease to occupy all of Building E at Madison Business Center in Tampa. The building is under construction by IDI and is now 100% preleased. The deal marks IDI's first lease-signing in Tampa.
The company also signed a 10-year, 144,482-sf lease at Miramar Business Center Building C, which is also owned by IDI. With the lease, there is 93,908 sf of available space in the building. American Tire distributes tires, wheels and related products. Both leases begin July 1.
CB Richard Ellis first vice president Rick Narkiewicz, who is located in Tampa, represented IDI in the Madison Business Center lease. IDI vice president of leasing Larry Dinner represented IDI in the Miramar Business Center deal. Adam Faulk, of Dallas-based Jackson & Cooksey, represented American Tire.
Madison Business Center Building E wills serve American Tire's retail dealers in Central Florida. The park is located in East Tampa near Interstate 4, which is the major east-west highway and Interstate 75 and US 41, which are the major north-south roads. The location provides access to the Port of Tampa, Downtown Tampa and Tampa International Airport.
[IMGCAP(2)]Miramar Business Center is strategically located between Miami and Fort Lauderdale. It is one-half mile from Florida's Turnpike and 2.5 miles from Interstate 75 and about 22 miles from Port Everglades and the Port of Miami. The business park is also close to Fort Lauderdale Airport and Miami International Airport.
Leasing in the Tampa industrial market remains strong, with a 4.3% vacancy rate at the end of 2007 and rental rates that rose 5% from 2006 to 2007. "Ove the past two quarters, Tampa has experienced a significant amount of leasing activity from prominent national credit tenants at record high lease rates," says Narkiewicz. "This demonstrates that many larger companies understand the importance of servicing the Tampa Bay area's population of nearly four million people."
To accommodate anticipated leasing activity in the future, IDI plans to develop two additional buildings geared towards medium-sized users at Miramar Business Center. In Tampa, IDI is nearing completion of the 385,619-sf Building A at Madison Business Center. The company also plans to begin construction in July on its second business park in the Tampa market, 301 Business Center. IDI is also planning to begin construction in the summer on Crossroads Business Center in Fort Pierce. The project will provide a variety of flexible build-to-suit and inventory space options in facilities that will range in size from 140,000 sf to more than 400,000 sf.
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