ORLANDO-In a deal that took four months to complete, from contract signing to closing, Standard Motor Products Inc. of Long Island, NY has renewed its 10-year lease for 50,640 sf at Sunport Center in the Airport/Southeast industrial submarket.
The lease, aggregately valued at $3.4 million, brings occupancy at the 17-year-old, 68,000-sf property to 100%, Greg Morrison, a senior broker in the Orlando office of GVA/Advantis Real Estate Services Co., tells GlobeSt.com. Morrison represented the owner, Precision Partners Ltd. Steve Coughlin and Joe Hills in the Orlando office of Cushman & Wakefield of Florida Inc. negotiated for Standard Motor.
Getting Standard Motor to renew was "essential since the tenant occupies 74.5%" of the entire building, Morrison says. He adds, "2005 has been a good year for the Orlando office and industrial markets, as positive absorption continues in most submarkets and lease rates are beginning to climb. We expect this trend to continue through 2006."
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