CB Richard Ellis's Bill Pellington and Justin Mohler served as the lead brokers for the transaction, acting on behalf of both the tenant and building owner James F. Knott Realty Group. Terms of Rite Aid's lease with the owner have not been disclosed, however similar space in the area is marketed in the $4 to $4.50 range, Mohler says. "It's a tough market," Mohler tells GlobeSt.com. "There's a lot of competition out there in the bulk warehouse area. The activity level in the market has been slow for the past 18 months." Indeed, the struggle to lease up bulk warehouse space in Harford County has been hampered by what was an 11.1% vacancy rate during the last quarter of 2003, according to Delta Associates; although, that figure had decreased by 2.1% over the same period in 2002. "But the market is starting to pick up and we're starting to see some activity" he adds. Approximately 550,000 sf of space has been leased up over the last five months.
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