NASHVILLE-With the ink drying on a 10-year deal, Stuart C, Irby Co. has leased 100,000 sf at ProLogis' Interchange City Distribution Center #19. With the deal, the Mississippi-based electrical products distributor will fill 100% of the building.
ProLogis did not provide GlobeSt.com with the rental rate; however, according to a Cushman and Wakefield Q4 report, the rental rates for the overall industrial market in Nashville come in at $4.58 per sf, an increase of $.63 per sf over the first quarter of 2006. Warehouse rates increased $.28 per sf from the third quarter of 2006 to reach $3.66 per sf in the fourth quarter of 2006, the report adds.
"We selected ProLogis for our new warehouse and distribution center for several reasons," says Jim Cameron, vice president for Stuart C. Irby, Co. "Not only is the site in close proximity to major interstate highways offering direct access to key markets throughout middle Tennessee, but the company is committed to developing a long-term partnership wit us."
The stand-alone industrial building is located 15 miles from Downtown, off Interstate 24 in La Vergne. All total, ProLogis owns or manages 22 buildings, encompassing more than 3.3 million sf, in the Interchange City submarket. The Interchange City Distribution Center also offers access to I-65, I-40 and the Nashville International Airport. Other ProLogis tenants in the submarket include Singer Sewing Co., Whirlpool and Cardinal Health, according to company officials.
"This new transaction underscores the strength of ProLogis' industrial platform in the market, and the continued growth we're seeing in the local business environment,' says Christian Weber, senior marketing for ProLogis in Nashville. He repped his company in the deal.
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