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ORLANDO-Small bay warehouse space continues to be in demand by tenants seeking 2,000 sf to 50,000 sf, as indicated by Masco Contractor Services Central Inc. leasing a total 32,500 sf in the first phase of the one-year-old, 57,340-sf Monroe Commerce Center South in suburban Sanford, FL.

Rebman Properties Inc. broker Greg Rebman tells GlobeSt.com, Masco first leased 22,500 sf, then came back three weeks later to take another 10,000 sf in a contiguous building. The three to five-year leases are valued at $1 million. Average asking rent is $6.50 per sf to $7.60 per sf.

“The small bay market is doing well in north Orlando,” Rebman tells GlobeSt.com. “Although the market is smaller, the supply of small warehouse space is tight.”

Rebman and Richard T. Davis Jr. of Rebman Properties negotiated for Masco. Michael Heidrich of NAI Realvest Partners represented Small Bay Partners LLC, the property owner. The two leases brought the occupancy level to 80% at Monroe Commerce Center.

Small Bay Partners principals George D. Livingston, Geof Longstaff and Howard Shieferdecker plan to break ground this month on the second 58,840-sf, $2.1 million phase at Monroe which will have a total 172,580 sf when the third phase is completed in 2004, as GlobeSt.com previously reported.

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