TAMPA, FL-Canada-based Star Stainless Screw Co. has signed a 30,821-sf long-term lease for space within Building B of Meadow Creek Distribution Center at 1210 US Highway 301 North.

GVA Advantis senior director of industrial services Jeff Bardin and Trey Carswell, formerly of GVA Advantis, negotiated the transaction on behalf of the landlord, Hartford, CT-based EastMeadow Distribution Center LLC. Cushman & Wakefield of Florida Inc. represented the tenant.

This will be Star Stainless Screw Co.'s first location in the south. The company, a distributor of ferrous and non-ferrous fasteners, has seven locations worldwide. The company will use the space to distribute its products. "Star recognized a value in the market and responded quickly to secure a prime location for its first location in the south," Bardin says.

Meadow Creek Distribution Center consists of two single-story, multi-tenanted bulk distribution buildings totaling 265,340 sf. Built in 1991, Buildings A and B are located at 1206 and 1210 US Highway 301 North in the east Tampa industrial market.

The lease is reflective of strong leasing conditions in Tampa's industrial market. According to CB Richard Ellis Q3 market report, conditions in the industrial market continued to tighten during the quarter. With 616,000 sf of positive absorption, the vacancy rate dropped from 4.2% in Q2 to 3.7%. The vacancy rate for warehouse and distribution space during Q3 was 3%. As a result, average asking rental rates rose from $6.32 per sf to $7 per sf. In the east Tampa market, the largest industrial market in the city, there was 159,308 sf of positive absorption during the quarter. The vacancy rate was 3.9% and the average asking rental rate was $6.60 per sf.