C&W Closes Leases Totaling 191,003 SF

In the largest deal, Bradenton-based Beall's Inc., a privately held, 91-year-old department store chain, renewed for 105,200 sf of warehouse and distribution space at Palmetto Corporate Center. The five-year lease is for an estimated aggregate rent of $2.1 million.

Cushman & Wakefield brokers declined to disclose the length and value of all four leases. Area brokers familiar with each submarket provided the estimated numbers for GlobeSt.com.

The lease brings the 18-year-old, 492,20-sf SI Palmetto Building within Palmetto Corporate Center to 100% occupancy. Cushman & Wakefield director Tim Callahan and senior director Mike Davis negotiated for Palmetto Business Park LP of San Diego, the owner of Palmetto Corporate Center. The average asking gross rent is $4 per sf. Beall's Inc. is the parent of Beall's Department Stores Inc. of Florida and Beall's Outlet Stores Inc. of Florida, Georgia and Arizona.

After looking at several area locations, Tampa-based Bolt & Nut Inc. has relocated from 40th Street and Interstate 4 to 10702 North 46th St. where the tenant is leasing 50,803 sf for an estimated five years at an estimated aggregate rent of $762,045. The lease brings the 34-year-old, 187,000-sf building to 80% occupancy. The transaction took four months to complete, from contract signing to closing. The average asking rent is $3.25 per sf, triple net. Cushman & Wakefield brokers Callahan and senior director Bruce Erhardt represented the tenant. Grubb & Ellis Co. negotiated for the building's Canadian owner, Parron Properties LP.

At the 2.27-million-sf Tampa East Industrial Park, Parksite Inc. of Batavia, IL has signed an estimated five-year lease for 25,000 sf at an estimated aggregate rent of $500,000 in the 80,000-sf, 31-year-old, 100%-leased 1432 Tampa East Blvd. building. The average asking rent range is $3.25 per sf to $5.75 per sf, triple net. The transaction took a month to complete, from contract signing to closing. Parksite leases three other properties within the park. Cushman & Wakefield associate Rian Smith and Davis negotiated for the building's owner, Anderson/Tampa II Joint Venture, c/o Northwestern Mutual Life Insurance Co. in Milwaukee, WI. CB Richard Ellis Inc. represented the tenant.

In an estimated $1.8-million lease transaction, Science Applications International Corp. of San Diego signed an estimated five-year lease for 18,008 sf at the 13-story, 254,808-sf, 21-year-old Tampa Commons at Dale Mabry Highway and Kennedy Boulevard in Tampa's Westshore submarket. The lease brought the building's occupancy to 99% for the owner, Germany-based Oppenheim Immobilien-Kapitalanlagegesellschaft MBH, as nominee for American Fund-OIK.

The transaction took eight months to complete, from contract signing to closing. The average asking gross rent range is $22 per sf to $23 per sf. Science Applications has locations in 34 Florida cities. Cushman & Wakefield director Barry Oaks, executive director Andy May and associate director Bill Reeves negotiated for the landlord. Trammell Crow Co. represented the tenant.