MIAMI-Coca-Cola Enterprises signed a lease for 71,250 sf, or 36% of the 200,600-sf Bristol Distribution Center in Sunshine State Industrial Park. David Williams, director of acquisitions and leasing for San Francisco-based Bristol Group Inc. in the South Florida market, tells GlobeSt.com additional leases are imminent.
Bristol acquired the building in 2003, and, according to public records, paid $4.2 million. The company then invested $3.5 million over a year and a half to renovate and reposition it into a class A warehouse/distribution center with a new roof, skin, plumbing, sprinklers, lighting and fiber optic cable. "We basically retained only the walls and slab," Williams says.
"What we liked about the property was its location," he says, which is at the confluence of Interstate 95, Palmetto Expressway, Interstate 75 and the Florida Turnpike. The Coca-Cola lease, he says, "confirms Bristol's vision."
Harry Tangalakis in the Fort Lauderdale office of CB Richard Ellis and Wayne Schuchts in CBRE's local office represented Bristol. Robert Farrar of Atlanta-based Robert W. Farrar and Associates Ltd. worked with Jonathan Kingsley and Raphael Villamizar in the local office of Grubb & Ellis in representing Coca-Cola. The value of the lease is undisclosed. The asking rental rate for the property is $5.95 per sf.
Bristol Group's South Florida industrial portfolio encompasses approximately 1.2 million sf. It includes the 106-acre, master-planned Seneca Industrial Park in Southeast Broward County, which now has an aggregate of 882,000 sf in six buildings and an additional 500,000 sf in the development pipeline. Bristol also recently acquired a two-building, 98,300-sf asset in Palmetto Lakes Industrial Park in Miami Gardens.
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