LAKE WORTH, FL-Federal Express Corp. has signed a 36,790-sf lease for office/warehouse space at 1145 Barnett Dr. The lease was a 10-year renewal with an approximate aggregate net lease value of $3.72 million.
CB Richard Ellis senior associate Kerry Jackson represented the landlord, Barnett Drive LLC, in the transaction. Eric Yonke, of Fischer & Co., represented the tenant. "In a very tight market, with 1.8% vacancy in bulk space and average asking rates at $8.34 NNN, Federal Express was limited in their renewals options based on size and location requirements," Jackson says.
Built in 1991 for Federal Express, 1145 Barnett Dr. is a 36,790-sf class A industrial building located in the Lake Worth west industrial submarket. The building consists of 31,980 sf of industrial warehouse and 4,810 sf of office space. The Lake Worth industrial market has one of the lowest vacancy rates in the county, Jackson tells GlobeSt.com.
Jackson says that Federal Express tried to renew the lease two years earlier at a discounted rate. "We knew they couldn't go too far and there were few options in the submarket," he says. "We stood our ground and got them to renew at a higher rate than they were paying previously."
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