MIAMI-Lake Forest, IL-based Packaging Corp. of America inked a lease for 103,150 sf, more than half of Bristol Distribution Center, a 200,600-sf class A warehouse and distribution facility in Sunshine State Industrial Park. The value of the lease was undisclosed, but the asking rental rate in the building is $5.95 per sf.
This lease, combined with one from Coca-Cola Enterprises for 71,250 sf in mid-July, takes occupancy at the facility to 87%. San Francisco-based Bristol Group Inc. acquired the building for $4.2 million, according to public records, in 2003. Over the following year and a half, it invested $3.5 million to completely renovate and reposition the property, Dave Williams, director of acquisitions and leasing for the owner's South Florida market, tells GlobeSt.com.
Harry Tangalakis in the Fort Lauderdale office of CB Richard Ellis and Wayne Schuchts in CBRE's local office represented Bristol in the negotiations with PCA. David S. Tropp in CBRE's Chicago office and Mark Goldstein of locally based Continental Real Estate Cos. represented PCA.
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