The move will be the first relocation for the logistics firm in more than 10 years, notes Kim, who points out that the expansion reflects the demand for distribution services as a result of increased import activity from Asian markets. The new St. George Warehouse will feature a controlled truck yard and six separate distribution points for loading and unloading.
The St. George lease includes both expansion and contraction rights for the company, which operates more than four million sf of warehouse space across the US. Its other major operation centers are located in Atlanta and Dallas.Thrifty Oil was represented by Clyde Stauff of Colliers Seeley International. Terms of the deal were undisclosed. Overall industrial space rates have been running about 48 cents per sf per month triple net on average, but rates for big box leases can vary considerably from the overall average.
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