Vanguard renewed its existing 43,540 sf and added another 30,174 sf to its lease. The average asking base rent range at the building is $5 per sf, triple net. Vega tells GlobeSt.com there were no special governmental or environmental challenges the owner or tenant had to overcome before closing the deal.
Vanguard represented itself in the leasing transaction. Carter has leased and managed all of the park's assets for 12 years. Los Angeles-based Fort Properties owns Region Court.
Vanguard Medical calls itself the global leader in medical device reprocessing. "This is a great location for a company like Vanguard Medical that engages in light manufacturing," says Vega. "Polk County is seeing a fair amount of businesses in the area deciding to stay, which is very beneficial to the local economy."
Lakeland is midway from Orlando and Tampa and competes fiercely in the industrial space market with both cities. Vega says Polk County's industrial market had a positive absorption rate of 886,194 sf and 231,000 sf under construction in 2004. The rentable area is 16.96 million sf and has a vacancy rate, with sublet space, of 6.6%.
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