The parent company to Ashley Aluminum is Guardian Industries Corp., which manufacturers float glass and fabricated glass products. The space will be used as a new distribution facility for the company.
Elizabeth Ruiz, of CB Richard Ellis in Tampa, represented the tenant in the transaction. "There weren't many options to choose from in the market," Ruiz tells GlobeSt.com. "They liked that Lakeland was a central location and the terms of the lease were good."
The building was recently constructed by the locally based Ruthvens, owners of the Ruthven West Lakeland Industrial Park. The building measures 520 by 200 feet and contains 104,000 sf. The eave height is 28 feet and ESFR sprinklers and T-8 lighting are installed. "The building was not constructed for Ashley Aluminum, they are leasing space within it," Ruiz says.
This is the latest lease in an industrial market that has been active. According to a Colliers Arnold fourth quarter industrial market report for Tampa Bay, Lakeland is experiencing a 6.9% vacancy rate with 64,039 sf of absorption during the fourth quarter. Average asking rental rates for warehouse and distribution space range from $3.75 to $6.50 per sf.
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