Advantis Brokers Craft Creative $11M Deal

Advantis Real Estate Services Co. brokers Jeffrey Bardin and Trey Carswell came up with the solution--convince neighboring tenant Rich Imports to vacate its 80,000 sf space so that Hav-a-Tampa could move in quickly. Since Rich Imports had just opened a new facility in Houston, the brokers suggested the importer didn't need 80,000 sf here and could lease smaller quarters nearby and save substantial rent money.

"This was a challenging deal," says Carswell. "It required Hav-a-Tampa to sign its renewal and expansion amendments and Rich Imports to sign its lease termination simultaneously, with both amendments being contingent upon each other." The broker adds, "In the end, this was a very beneficial deal for all parties involved."

Rich Imports was on a three-year lease at EastMeadow. "We are currently working with Rich Imports to find a new location in the Tampa Bay area," Carswell tells GlobeSt.com. "They are looking for around 50,000 sf."

Average asking warehouse and distribution space in the Tampa Bay market is $4.08 per sf, according to Colliers Arnold Real Estate Services Co. research. Flex and service space is $7.70 per sf; manufacturing space is $4.37 per sf.

In separate transactions, Carswell closed three other leasing contracts. He handled a 6,125-sf deal for Whatever It Takes Transmission Parts Inc. at Tampa Distribution Center I; negotiated 8,000 sf for A+Packaging at Palm River Center; and closed a 6,000-sf lease with Freedom Wheels at 8706 Broadway. Carswell represented the owners, Brian Reece of Clarklift of Tampa and Absolute Storage Products Inc. All three leases have an estimated length of five years, according to area brokers familiar with the submarket.