TAMPA, FL—In what some are calling the most significant industrial deal in the Tampa Bay area in the last 15 years, Highland Packaging Solutions is moving its operations from Mulberry to Plant City later this year. The food container and label manufacturer inked a 240,000-square-foot industrial lease on Gordon Food Service Drive.
Rick Narkiewicz, a first vice president at CBRE, represented Highland Packaging Solutions. Highland is filling a hole in the local market, as grocer Albertsons exits the property it has been using as a distribution center in the wake of store closings. Terms of the lease were not disclosed.
Narkiewicz GlobeSt.com this time last year there were eight class A or B industrial spaces larger than 150,000 square feet available in east Tampa. Now there are just three.
“This drastic reduction in supply should take some pressure off landlords, quite possibly leading to rent growth and fewer concessions,” Narkiewicz says. “Net absorption year to date is 400,000 square feet. Compare this to two years ago when we would have one million square feet of negative absorption in a single quarter.”
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