Todd Brandon, senior vice president with the Tampa office of UGL Equis, worked with Central Garden on the search for other sites as well as lease renewal negotiations at its current building, owned by Plymouth Meeting, PA-based Exeter Property Group. Rian Smith, industrial broker with Cushman & Wakefield of Florida in Tampa, represented the landlord.
"It really came down to what they could do for the tenant and the building," Brandon tells GlobeSt.com. "There are plenty of good options out there to consider."
East Tampa, the largest local industrial market with over 50 million square feet of inventory, has 11% vacancy through the second quarter with 575,000 square feet of new space under construction, according to Cushman & Wakefield research. Asking rents for warehouse/distribution space are just under $5 per square foot.
Brandon did not disclose additional terms of Central Garden's lease renewal, but did say they include a combination of discounted rent and tenant improvement considerations. The landlord will make improvements to the building, he says.
"The existing facility offered the best lease economics as well as avoiding the relocation of a major distribution facility," Smith says. The building features clear ceiling heights of nearly 26 feet, along with seven cross docks and 170 surface parking spaces.
Central Garden sells its products to specialty independent and mass retailers. The company posted sales of $482 million during its third fiscal quarter ended June 27.
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