Locally based MTS Medication Technologies, formerly MTS Packaging Systems, is taking 104,000 sf for 12 years, with an option for an additional 29,000-sf expansion at 2003 Gandy Blvd., bringing the 129,800-sf, class A structure to 100% occupancy.

Jenkins, a CBRE first vice president, calls the deal "one of the most notable transactions in the Tampa Bay market for 2004." The transaction is aggregately valued at $14.2 million. Jenkins and Narkiewicz negotiated for MTS. Grady Pridgen of Grady Pridgen Inc. represented the Fleeman family which owns the five-year-old property.

The deal was done at this time because MTS "had an immediate need for a larger, more efficient and cost-effective facility to consolidate its four locations" totaling 79,000 sf on Automobile Boulevard in nearby Clearwater, FL, Jenkins says.

"The CBRE team was able to meet MTS' demands, including a below-market lease rate, substantial moving and tenant improvement allowances, an option for an additional 29,000-sf expansion and limited out-of-pocket expenses," the broker adds.

The Gandy Boulevard property was vacant for 18 months before CBRE became involved. "The space was for sublease at one point, but the tenant bought out of it before we signed the lease," Narkieweicz tells GlobeSt.com. "MTS' expansion further solidifies Pinellas County's position as Florida's high-tech and medical manufacturing leader."

The building has "significant, above-standard improvements from the previous tenant, which limited moving, startup and build-out costs," the broker says. "This state-of-the-art facility will meet the needs of MTS as it continues to excel in shaping industry innovations with the OnDemand machine and meet the demand of its growing customer base."

MTS plans to complete occupancy of the facility in October. Jabil Circuit was the previous tenant. The average asking base rent is $7.50 triple net. Expenses are $2.25 per sf.